On June 3, 20X1, Alaska State Company received a $6,600, 45-day, 12 percent note from Samuel Adams, a customer whose account was past due. Alaska discounted the note on June 18, 20X1 at Georgia State Bank and Trust. Samuel Adams dishonored the note receivable discounted by Alaska State. Assume the bank deducted the maturity value of dishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note. Required: Prepare the entries in general journal form that Alaska State Company would make. (Use 360 days a year.) No 1 Date July 18, 20X1 Answer is not complete. General Journal Notes receivable-Discounted Accounts receivable/Samuel Adams Cash Debit 6,600 Credit
On June 3, 20X1, Alaska State Company received a $6,600, 45-day, 12 percent note from Samuel Adams, a customer whose account was past due. Alaska discounted the note on June 18, 20X1 at Georgia State Bank and Trust. Samuel Adams dishonored the note receivable discounted by Alaska State. Assume the bank deducted the maturity value of dishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note. Required: Prepare the entries in general journal form that Alaska State Company would make. (Use 360 days a year.) No 1 Date July 18, 20X1 Answer is not complete. General Journal Notes receivable-Discounted Accounts receivable/Samuel Adams Cash Debit 6,600 Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On June 3, 20X1, Alaska State Company received a $6,600, 45-day, 12 percent note from Samuel Adams, a customer
whose account was past due. Alaska discounted the note on June 18, 20X1 at Georgia State Bank and Trust. Samuel
Adams dishonored the note receivable discounted by Alaska State. Assume the bank deducted the maturity value of the
dishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note.
Required:
Prepare the entries in general journal form that Alaska State Company would make. (Use 360 days a year.)
No
1
Date
July 18, 20X1
Answer is not complete.
General Journal
Notes receivable-Discounted
Accounts receivable/Samuel Adams
Cash
Debit
6,600
Credit
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