Entries for Receipt and Dishonor of Nobes Receivable ournalize the tollowing tra
ID: 2509942 • Letter: E
Question
Entries for Receipt and Dishonor of Nobes Receivable ournalize the tollowing transations in the accounts of Missoun Gaming Co.,which operates a fiverboat casino. Assume 360 days in a year. If an amount box does not require an entry, leave it biank. Round final answers to the nearest cent when necessary Mar. 29, Received a S 14,400, 60-day, 10% e dated March 29 hon, Karle natt on KUunt. Apr. 30. Received a S36,000, 60-day, S% note dated Apri 30 hom Jon Kely on soort. May 28. The note dated March 29 from Karie P is eishonored, and the customers account is charged for the note, including inerest une 29. The note dated Aprtil 30 from 3on Kelly is dishonored, and the customert's account is charged for the noe, indluding interest Aug. 26. Cash-received fr the amort due on the ashonned rote dated Maren 29 plus interest for 90 days at6% o the teal amount oertes to Kane pert on May 28. Oct. 22, wrote off against the alowance account the amount charged to Jon Kally on June 29 for the dishonered note dated April 3 Mar. 29 BE May 28 e 29 Aup 26Explanation / Answer
Journal entries
date
explanation
debit
credit
29-Mar
notes receivables
14400
accounts receivable
14400
30-Apr
notes receivables
36600
accounts receivable
36600
28-May
accounts receivable
14640
interest revenue
240
notes receivables
14400
29-Jun
accounts receivable
37088
interest revenue
488
accounts receivable
36600
26-Aug
cash
14619.6
accounts receivable
14400
interest revenue
219.6
22-Oct
allowance for doubtful debts
37088
accounts receivable
37088
Journal entries
date
explanation
debit
credit
29-Mar
notes receivables
14400
accounts receivable
14400
30-Apr
notes receivables
36600
accounts receivable
36600
28-May
accounts receivable
14640
interest revenue
240
notes receivables
14400
29-Jun
accounts receivable
37088
interest revenue
488
accounts receivable
36600
26-Aug
cash
14619.6
accounts receivable
14400
interest revenue
219.6
22-Oct
allowance for doubtful debts
37088
accounts receivable
37088
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