On March 9, Phillips gave Jackson Company a 60-day, 12% promissory note for $5,200. Phillips dishonors the note on May 8. Record the entry that Jackson would make when the note is dishonored, assuming that no interest has been accrued. Assume Jackson expects collection will occur. (Use 360 days for calculation. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round intermediate calculations to 2 decimal places, eg. 52.75 and final answers to O decimal places, e.g. 1,525.) Date Account Titles and Explanation May 8 Debit Credit
On March 9, Phillips gave Jackson Company a 60-day, 12% promissory note for $5,200. Phillips dishonors the note on May 8. Record the entry that Jackson would make when the note is dishonored, assuming that no interest has been accrued. Assume Jackson expects collection will occur. (Use 360 days for calculation. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round intermediate calculations to 2 decimal places, eg. 52.75 and final answers to O decimal places, e.g. 1,525.) Date Account Titles and Explanation May 8 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On March 9, Phillips gave Jackson Company a 60-day, 12% promissory note for $5,200. Phillips dishonors the note on May 8. Record
the entry that Jackson would make when the note is dishonored, assuming that no interest has been accrued. Assume Jackson expects
collection will occur. (Use 360 days for calculation. Credit account titles are automatically indented when the amount is entered. Do not indent
manually. Round intermediate calculations to 2 decimal places, eg. 52.75 and final answers to O decimal places, e.g. 1,525.)
Date
Account Titles and Explanation
May 8
Debit
Credit
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