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. 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 $28,800, 60-day, 8% note dated March 29 from Karie Platt on account.
Apr. 30. Received a $9,900, 60-day, 6% 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 12% 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

Accounts Receivable-Karie PlattAllowance for Doubtful AccountsBad Debt ExpenseCashNotes PayableNotes ReceivableNotes Receivable

Notes Receivable Notes Receivable

Accounts Receivable-Karie PlattAllowance for Doubtful AccountsBad Debt ExpenseCashNotes PayableNotes ReceivableAccounts Receivable-Karie Platt

Accounts Receivable-Karie Platt Accounts Receivable-Karie Platt
Apr. 30

Accounts Receivable-Jon KellyAllowance for Doubtful AccountsCashInterest ReceivableNotes PayableNotes ReceivableNotes Receivable

Notes Receivable Notes Receivable

Accounts Receivable-Jon KellyAllowance for Doubtful AccountsCashInterest ReceivableNotes PayableNotes ReceivableAccounts Receivable-Jon Kelly

Accounts Receivable-Jon Kelly Accounts Receivable-Jon Kelly
May 28

Accounts Payable-Karie PlattAccounts Receivable-Karie PlattCashInterest PayableInterest ReceivableNotes ReceivableAccounts Receivable-Karie Platt

Accounts Receivable-Karie Platt Accounts Receivable-Karie Platt

Accounts Payable-Karie PlattAccounts Receivable-Karie PlattCashInterest PayableInterest ReceivableNotes ReceivableNotes Receivable

Notes Receivable Notes Receivable

Accounts Payable-Karie PlattAccounts Receivable-Karie PlattCashInterest PayableInterest ReceivableInterest RevenueInterest Revenue

Interest Revenue Interest Revenue
June 29

Accounts Receivable-Jon KellyAllowance for Doubtful AccountsCashInterest ReceivableInterest RevenueNotes ReceivableAccounts Receivable-Jon Kelly

Accounts Receivable-Jon Kelly Accounts Receivable-Jon Kelly

Accounts Receivable-Jon KellyBad Debt ExpenseCashInterest ReceivableNotes PayableNotes ReceivableNotes Receivable

Notes Receivable Notes Receivable

Accounts Receivable-Jon KellyAllowance for Doubtful AccountsBad Debt ExpenseCashInterest ExpenseInterest RevenueInterest Revenue

Interest Revenue Interest Revenue
Aug. 26

Accounts Receivable-Karie PlattCashInterest ExpenseInterest ReceivableInterest RevenueNotes ReceivableCash

Cash Cash

Accounts Payable-Karie PlattAccounts Receivable-Karie PlattAllowance for Doubtful AccountsCashInterest ReceivableNotes ReceivableAccounts Receivable-Karie Platt

Accounts Receivable-Karie Platt Accounts Receivable-Karie Platt

Allowance for Doubtful AccountsBad Debt ExpenseCashInterest PayableInterest RevenueNotes ReceivableInterest Revenue

Interest Revenue Interest Revenue
Oct. 22

Accounts Payable-Jon KellyAccounts Receivable-Jon KellyAllowance for Doubtful AccountsBad Debt ExpenseCashInterest ReceivableAllowance for Doubtful Accounts

Allowance for Doubtful Accounts Allowance for Doubtful Accounts

Accounts Payable-Jon KellyAccounts Receivable-Jon KellyAllowance for Doubtful AccountsBad Debt ExpenseCashInterest ReceivableAccounts Receivable-Jon Kelly

Accounts Receivable-Jon Kelly Accounts Receivable-Jon Kelly

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

Horngrens Accounting The Managerial Chapters

Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

11th Global Edition

1292105879, 978-1292105871

More Books

Students also viewed these Accounting questions