Please correct Entries for Receipt and Dishonor of Notes ReceivableJournalize 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 itblank. 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 - v14,400Accounts Receivable-Karie Platt - V14,400 VApr. 30 Notes Receivable -30,600 VAccounts Receivable-Jon Kelly -30,600May 28 Accounts Receivable-Karie Platt -14,592Notes Receivable - v14,400Interest Revenue - V192June 29 Accounts Receivable-Jon Kelly v30,906Notes Receivable - v30,600Interest Revenue V306Aug. 26 Cash - v15,400 XAccounts Receivable-Karie Platt14,952 XInterest Revenue V448XOct. 22 Allowance for Doubtful Accounts ♥30,906Accounts Receivable-Jon Kelly -30,906 Providing for Doubtful AccountsAt the end of the current year, the accounts receivable account has a debit balance of $1,029,000 and sales for the year total $11,660,000.a. The allowance account before adjustment has a debit balance of $13,900. Bad debt expense is estimated at 3/4 of 1% of sales.b. The allowance account before adjustment has a debit balance of $13,900. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $44,500.c. The allowance account before adjustment has a credit balance of $9,000. Bad debt expense is estimated at 1/4 of 1% of sales.d. The allowance account before adjustment has a credit balance of $9,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $74,700.Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above.87,450 Va.b.30,600 x29,150 VC.d.53,000

Note receivables means the instrument in which the outsider agree to pay certain sum with or without…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q