Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. entries for receipt and dishonor of notes receivab

Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the accounts...

50.1K

Verified Solution

Question

Accounting

image
image
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 back Round final answers to the nearest cent when necessary Mar. 29. Received a $21,600, 60-day, 9 note dated March 29 from Karle Matt on account Apr. 30. Received a $43,800, 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 20 plus interest for 90 days at 6% 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 Apc 30 May 28 Apr. 30 May 28 June 29 I II III III III II Aug. 26 Oct. 22

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students