Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi, I need help with this Thank you Ch 8 Homework Exercises eBook Show Me How Calculator Entries for Receipt and Dishonor of Notes Receivable

image text in transcribed

image text in transcribed

image text in transcribed

Hi, I need help with this Thank you

Ch 8 Homework Exercises eBook Show Me How Calculator 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 $64,800, 60-day, 8% note dated March 29 from Kane Platt on account. Apr. 30. Received a $16,800, 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 6% on the total amount debited to Kane Patt on Hay 28 Oct. 22. Wrote off against the allowance account the amount charged to Jon Kelly on June 29 for the dishonored note dated Apmil 30. Mar. 29 Notes Receivable 64.800 64,800 Apr. 30 Notes Recervable Y 16,800 Accounts Receivable-Jon Kelly 16.800 Accounts Receivable Karie Platt May 28 Notes Receivable |v' | 64,800| Interest Reveue 864V Accounts Receivable Jon Kelly 16.968 : June 29 Notes Receiveble V16,800 Previous Check ty Work 3 more Check My Work uses remaining Save and Exit Submit for Greding Assignment Score: 99.63% 0:05 PM 4/28/2013 ^

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_2

Step: 3

blur-text-image_3

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

Auditing The Art And Science Of Assurance Engagements

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser-Hogeterp

11th Edition

0132088061, 978-0132088060

More Books

Students also viewed these Accounting questions

Question

Define learning and list at least three learning principles

Answered: 1 week ago