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 $14,400, 60-day, 8% note dated March 29 from Karie Platt on account. Apr. 30. Received a $30,600, 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 Notes Receivable ▪ 14,400 V Accounts Receivable-Karie Platt 14,400 Apr. 30 Notes Receivable • 30,600 Accounts Receivable-Jon Kelly 30,600 May 28 Accounts Receivable-Karie Platt - 14,592 Notes Receivable - 14,400 Interest Revenue - v 192 June 29 Accounts Receivable-Jon Kelly • v 30,906V Notes Receivable - 30,600 Interest Revenue - 306 Aug. 26 Cash V 15,400 X Accounts Receivable-Karie Platt - 14,952 x Interest Revenue ▪ 448 X Oct. 22 Allowance for Doubtful Accounts V 30,906 V Accounts Receivable-Jon Kelly - 30,906
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 $14,400, 60-day, 8% note dated March 29 from Karie Platt on account. Apr. 30. Received a $30,600, 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 Notes Receivable ▪ 14,400 V Accounts Receivable-Karie Platt 14,400 Apr. 30 Notes Receivable • 30,600 Accounts Receivable-Jon Kelly 30,600 May 28 Accounts Receivable-Karie Platt - 14,592 Notes Receivable - 14,400 Interest Revenue - v 192 June 29 Accounts Receivable-Jon Kelly • v 30,906V Notes Receivable - 30,600 Interest Revenue - 306 Aug. 26 Cash V 15,400 X Accounts Receivable-Karie Platt - 14,952 x Interest Revenue ▪ 448 X Oct. 22 Allowance for Doubtful Accounts V 30,906 V Accounts Receivable-Jon Kelly - 30,906
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 5SEA: UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND PERCENTAGE OF RECEIVABLES At the end of the current...
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