Entries for receipt and Dishonor of Note receivable Journalize the following tra

Question

Entries for receipt and Dishonor of Note receivable

Journalize the following transactions of Sanchez Productions, Assume 360 days in a year. For a compound transaction, if an amount box does not requires an entry, leave it blank.

July 12.     Received a $ 240,000, 120- day, 7% note dated July 12 from Accolade Co. on account.

Nov. 9.      The note is dishonored by Accolade Co.

Dec.9.       Received the amount due on the dishonored note plus interest for 30 days at 9% on the total amount charged to Accolade Co. November 9.

July 12 Notes Receivable $ ______

              Accounts receivable- Accolade Co. $ ______

Nov. 9   Accounts Receivable - Accolade Co. $ ____

             Notes Receivable $ ___

              Interest Revenue $ ___

Dec.9 Cash $ _____

           Account Receivable - Accolade Co. $ ____

           Interest Revenue $ ______

Explanation / Answer

Answer:

July 12 Notes Receivable $ ____240000__

              Accounts receivable- Accolade Co. $ ______240000

Nov. 9   Accounts Receivable - Accolade Co. $ ____240000

             Notes Receivable $ ___240000

              Interest Revenue $ ___

Dec.9 Cash $ _____241800

           Account Receivable - Accolade Co. $ ____240000

           Interest Revenue $ ______1800

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