Question

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.

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.

Answer 1

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