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Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the accounts of Jamba Co., which operates a riverboat casino. Assume 360
Entries for Receipt and Dishonor of Notes Receivable
Journalize the following transactions in the accounts of Jamba 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.
Mar. 1. | Received a $64,800, 60-day, 10% note dated March 1 from Tomekia Co. on account. |
18. | Received a $45,000, 60-day, 8% note dated March 18 from Mystic Co. on account. |
Apr. 30. | The note dated March 1 from Tomekia Co. is dishonored, and the customer's account is charged for the note, including interest. |
May 17. | The note dated March 18 from Mystic Co. is dishonored, and the customer's account is charged for the note, including interest. |
July 29. | Cash is received for the amount due on the dishonored note dated March 1 plus interest for 90 days at 12% on the total amount debited to Tomekia Co. on April 30. |
Aug. 23. | Wrote off against the allowance account the amount charged to Mystic Co. on May 17 for the dishonored note dated March 18. |
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