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Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino. Assume
Entries for Receipt and Dishonor of Notes Receivable
Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino. Assume 360 days in a year. For a compound transaction, if an amount box does not require an entry, leave it blank. Round final answers to the nearest cent when necessary.
Apr. 18. | Received a $64,800, 60-day, 8% note dated April 18 from Glenn Cross on account. |
30. | Received a $15,600, 60-day, 6% note dated April 30 from Rhoni Melville on account. |
May 18. | The note dated April 18 from Glenn Cross is dishonored, and the customers account is charged for the note, including interest. |
June 29. | The note dated April 30 from Rhoni Melville is dishonored, and the customers account is charged for the note, including interest. |
Aug. 16. | Cash is received for the amount due on the dishonored note dated April 18 plus interest for 90 days at 6% on the total amount debited to Glenn Cross on May 18. |
Oct. 22. | Wrote off against the allowance account the amount charged to Rhoni Melville on June 29 for the dishonored note dated April 30. |
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