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8 April, 07:15

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 above transactions in the accounts of Missouri Gaming Co., which operates a riverboat casino

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  1. 8 April, 07:30
    0
    Date Description Post. Ref. Debit Credit Assets Liabilities Equity

    1 Mar. 29 Notes receivable 30000 30000

    2 Accounts receivable-Karie Platt 30000 - 30000

    3 Apr. 30 Notes receivable 24000 24000

    4 Accounts receivable-Jon Kelly 24000 - 24000

    5 May. 28 Accounts receivable-Karie Platt 30250 30250

    6 Notes receivable 30000 - 30000

    7 Income Summary ($30000 x 5% x 60/360) 250 250

    8 Jun. 29 Accounts receivable-Jon Kelly 24320 24320

    9 Notes receivable 24000 - 24000

    10 Income Summary ($24000 x 8% x 60/360) 320 320

    11 Aug. 26 Cash 30855 30855

    12 Accounts receivable-Karie Platt 30250 - 30250

    13 Income Summary ($30250 x 8% x 90/360) 605 605

    14 Oct. 22 Allowance for Doubtful Accounts 24320 24320

    15 Accounts receivable-Jon Kelly 24320 - 24320

    163745 163745 1175 0 1175
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Home » Business » 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.
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