Journalize the following transactions in the accounts of Missouri Gaming Co., which operates a riverboat casino: Mar. 29 Received a $30,000, 60-day, 5% note dated March 29 from Karie Platt on account. Apr. 30. Received a $24,000 60-day, 8% 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 8% 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.
Journalize the following transactions in the accounts of Missouri Gaming Co., which operates a riverboat casino: Mar. 29 Received a $30,000, 60-day, 5% note dated March 29 from Karie Platt on account. Apr. 30. Received a $24,000 60-day, 8% 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 8% 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journalize the following transactions in the accounts of Missouri Gaming Co., which operates a riverboat casino:
| Mar. 29 | Received a $30,000, 60-day, 5% note dated March 29 from Karie Platt on account. | |
| Apr. 30. | Received a $24,000 60-day, 8% 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 8% 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. |
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