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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
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
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education