Question
Mar.29 Received a $51,600, 60-day, 5% note dated March 29 from Karie Platt on account. Apr.30 Received a $43,800, 60-day, 5% note dated April 30
Mar.29 Received a $51,600, 60-day, 5% note dated March 29 from Karie Platt on account.
Apr.30 Received a $43,800, 60-day, 5% note dated April 30 from Jon Kelly on account.
May28 The note dated March 29 from Karie Platt is dishonored, and the customer's account is charged for the note, including interest.
June29 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 5% 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.
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Accounting Information Systems
Authors: Robert Hurt
2nd Edition
78111056, 978-0078111051
