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Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the accounts of Missouri Gaming Co., which operates a riverboat casino. Assume
Entries for Receipt and Dishonor of Notes Receivable
Journalize the following transactions in the accounts of Missouri Gaming Co., which operates a riverboat casino. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Round final answers to the nearest cent when necessary.
Mar. 29. | Received a $50,400, 60-day, 10% note dated March 29 from Karie Platt on account. |
Apr. 30. | Received a $18,300, 60-day, 8% note dated April 30 from Jon Kelly on account. |
May 28. | The note dated March 29 from Karie Platt is dishonored, and the customer's account is charged for the note, including interest. |
June 29. | The note dated April 30 from Jon Kelly is dishonored, and the customer's account is charged for the note, including interest. |
Aug. 26. | Cash is received for the amount due on the dishonored note dated March 29 plus interest for 90 days at 6% on the total amount debited to Karie Platt on May 28. |
Oct. 22. | Wrote off against the allowance account the amount charged to Jon Kelly on June 29 for the dishonored note dated April 30. |
Mar. 29 | Notes Receivable | ||
Accounts Receivable-Karie Platt | |||
Apr. 30 | Notes Receivable | ||
Accounts Receivable-Jon Kelly | |||
May 28 | Accounts Receivable-Karie Platt | ||
Notes Receivable | |||
Interest Revenue | |||
June 29 | Accounts Receivable-Jon Kelly | ||
Notes Receivable | |||
Interest Revenue | |||
Aug. 26 | Cash | ||
Accounts Receivable-Karie Platt | |||
Interest Revenue | |||
Oct. 22 | Allowance for Doubtful Accounts | ||
Accounts Receivable-Jon Kelly |
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