Entries for receipt and dishonor of notes receivable ournalize 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. March 29 Received a $14,400, 60-day, 8% note dated March 29 from Karie Platt on account. April 30. Received a $19,500, 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. Wrote off against the allowance account the amount charged to Jon Kelly on June 29 for the dishonored note dated April 30. October 22. Mar. 29 Apr. 30 May 28 June 29 0000 000 000 1000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

DO NOT GIVE SOLUTION IN 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 blank. When required, round your final answers to the two decimal places.
March 29 Received a $14,400, 60-day, 8% note dated March 29 from Karie Platt on account.
April 30. Received a $19,500, 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.
Wrote off against the allowance account the amount charged to Jon Kelly on June 29 for the dishonored note dated April 30.
October
22.
Mar. 29
Apr. 30
May 28
June 29
-
Transcribed Image Text: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. March 29 Received a $14,400, 60-day, 8% note dated March 29 from Karie Platt on account. April 30. Received a $19,500, 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. Wrote off against the allowance account the amount charged to Jon Kelly on June 29 for the dishonored note dated April 30. October 22. Mar. 29 Apr. 30 May 28 June 29 -
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Accounting for Cash and cash equivalents
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education