Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the accounts of Missouri Gaming Co., which operates a riverboat casino.

image text in transcribedimage text in transcribed

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 $28,800, 60-day, 6% note dated March 29 from Karie Platt on account. Apr. 30. Received a $41,700, 60-day, 9% 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 28,800 0 0 28,800 Apr. 30 Notes Receivable 41,700 0 Accounts Receivable-Jon Kelly 0 41,700 May 28 Accounts Receivable-Karie Platt 29,088 0 Notes Receivable 0 28,800 Interest Revenue 0 288

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Human Resource Management

Authors: Jean M. Phillips, Stanley M. Gully

1st edition

1111533555, 978-1111533557

More Books

Students also viewed these Accounting questions