Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Apr. 18. Received a $60,000, 30-day, 7% note dated April 18 from Glenn Cross on account. 30. Received a $42,000, 60-day, 8% note dated April 30 from Rhoni Melville on account. May 18. The note dated April 18 from Glenn Cross is dishonored, and the customer’s account is charged for the note, including interest. June 29. The note dated April 30 from Rhoni Melville is dishonored, and the customer’s account is charged for the note, including interest. Aug. 16. Cash is received for the amount due on the dishonored note dated April 18 plus interest for 90 days at 8% on the total amount debited to Glenn Cross on May 18. Oct. 22. Wrote off against the allowance account the amount charged to Rhoni Melville 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 Safari Games Co., which operates a riverboat casino. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Apr. 18. Received a $60,000, 30-day, 7% note dated April 18 from Glenn Cross on account. 30. Received a $42,000, 60-day, 8% note dated April 30 from Rhoni Melville on account. May 18. The note dated April 18 from Glenn Cross is dishonored, and the customer’s account is charged for the note, including interest. June 29. The note dated April 30 from Rhoni Melville is dishonored, and the customer’s account is charged for the note, including interest. Aug. 16. Cash is received for the amount due on the dishonored note dated April 18 plus interest for 90 days at 8% on the total amount debited to Glenn Cross on May 18. Oct. 22. Wrote off against the allowance account the amount charged to Rhoni Melville on June 29 for the dishonored note dated April 30.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 13P: Notes Receivable Transactions The following notes receivable transactions occurred for Harris...
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Entries for Receipt and Dishonor of Notes Receivable
Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino. Assume 360 days in a year. If an amount box does not require an entry, leave it blank.
| Apr. 18. | Received a $60,000, 30-day, 7% note dated April 18 from Glenn Cross on account. | |
| 30. | Received a $42,000, 60-day, 8% note dated April 30 from Rhoni Melville on account. | |
| May 18. | The note dated April 18 from Glenn Cross is dishonored, and the customer’s account is charged for the note, including interest. | |
| June 29. | The note dated April 30 from Rhoni Melville is dishonored, and the customer’s account is charged for the note, including interest. | |
| Aug. 16. | Cash is received for the amount due on the dishonored note dated April 18 plus interest for 90 days at 8% on the total amount debited to Glenn Cross on May 18. | |
| Oct. 22. | Wrote off against the allowance account the amount charged to Rhoni Melville on June 29 for the dishonored note dated April 30. |
| Apr. 18 | fill in the blank 2 | fill in the blank 3 | |
| fill in the blank 5 | fill in the blank 6 | ||
| Apr. 30 | fill in the blank 8 | fill in the blank 9 | |
| fill in the blank 11 | fill in the blank 12 | ||
| May 18 | fill in the blank 14 | fill in the blank 15 | |
| fill in the blank 17 | fill in the blank 18 | ||
| fill in the blank 20 | fill in the blank 21 | ||
| June 29 | fill in the blank 23 | fill in the blank 24 | |
| fill in the blank 26 | fill in the blank 27 | ||
| fill in the blank 29 | fill in the blank 30 | ||
| Aug. 16 | fill in the blank 32 | fill in the blank 33 | |
| fill in the blank 35 | fill in the blank 36 | ||
| fill in the blank 38 | fill in the blank 39 | ||
| Oct. 22 | fill in the blank 41 | fill in the blank 42 | |
| fill in the blank 44 | fill in the blank 45 |
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Step 1 Question pertains to accounting of certain transactions related to notes receivables
The present Question pertains to accounting of certain transactions related to notes receivables and interest revenue. Journal entries are as follows:
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