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 |
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