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. When required, round your final answers to the two decimal places. Date Transaction March 29 Received a $50,400, 60-day, 8% note dated March 29 from Karie Platt on account. April 30. Received a $35,400, 60-day, 10% 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. August 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. October 22. Wrote off against the allowance account the amount charged to Jon Kelly on June 29 for the dishonored note dated April 30.
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. When required, round your final answers to the two decimal places. Date Transaction March 29 Received a $50,400, 60-day, 8% note dated March 29 from Karie Platt on account. April 30. Received a $35,400, 60-day, 10% 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. August 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. October 22. Wrote off against the allowance account the amount charged to Jon Kelly on June 29 for the dishonored note dated April 30.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 2QY: What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the...
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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. When required, round your final answers to the two decimal places.
| Date | Transaction |
|---|---|
| March 29 | Received a $50,400, 60-day, 8% note dated March 29 from Karie Platt on account. |
| April 30. | Received a $35,400, 60-day, 10% 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. |
| August 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. |
| October 22. | Wrote off against the allowance account the amount charged to Jon Kelly on June 29 for the dishonored note dated April 30. |
Transcribed Image Text:Mar. 29 Notes Receivable
Apr. 30
Accounts Receivable-Karie Platt
Notes Receivable
Accounts Receivable-Jon Kelly
May 28 Accounts Receivable-Karie Platt
Notes Receivable
Interest Revenue
June 29 Accounts Receivable-Jon Kelly
Notes Receivable
Interest Revenue
Aug. 26 Cash
Accounts Receivable-Karie Platt
Interest Revenue
Oct. 22 Allowance for Doubtful Accounts
Accounts Receivable-Jon Kelly
50,400
35,400
51,200 X
38,250 X
52,756 X
35,400 X
50,400
35,400
50,400
800
35,400
X
2,850 X
51,576 X
1,176
X
35,400 X
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