Journalize the following transactions of Trapper Jon\'s Productions. Assume 360

Question

Journalize the following transactions of Trapper Jon's Productions. Assume 360 days in a year. For a compound transaction, if an amount box does not require an entry, leave it blank Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account. The note is dishonored by Radon Express Co. Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Radon Express Co. on September 21 June 23 Sept. 21 Oct. 21 June 23 Notes Receivable Accounts Receivable-Radon Express Co. Sept. 21 Accounts Receivable-Radon Express Co. Notes Receivable Interest Revenue Oct. 21 Accounts Recelvable-Radon Express Co. Y Interest Revenue

Explanation / Answer

Journal Entry Date Particulars Dr. Amt Cr. Amt 23-Jun Notes Receivable    48,000.00    Accounts Receivable - Radon Express Co.    48,000.00 (To record the note received in exchange of balance) 23-Sep Accounts Receivable - Radon Express Co.    48,960.00    Notes Receivable    48,000.00    Interest Revenue          960.00 $48,000 X 8% X 90/360 (To record the note dishonored) 21-Oct Cash    49,368.00    Accounts Receivable - Radon Express Co.    48,960.00    Interest Revenue          408.00 $48,960 X 10% X 30/360 (To record the cash received)

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