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Category > Accounting Posted 19 Aug 2017 My Price 7.00

Safari Games Co.,

EX 8-24 Entries for receipt and dishonor of notes receivable                            ObJ. 4, 6 Journalize the following transactions in the accounts of Safari Games Co., which operates a  riverboat  casino:

Apr. 18. Received a $60,000, 30-day, 7% note dated April 18 from Glenn Cross on account.

30.    Received a $42,000, 60-day, 8% note dated April 30 from Rhoni Melville on account.

May 18. The note dated April 18 from Glenn Cross is dishonored, and the customer’s ac- count is charged for the note, including interest.

June 29. The note dated April 30 from Rhoni Melville is dishonored, and the customer’s account is charged for the note, including  interest.

Aug. 16. Cash is received for the amount due on the dishonored note dated April 18 plus interest for 90 days at 8% on the total amount debited to Glenn Cross on

May 18.

Oct. 22. Wrote off against the allowance account the amount charged to Rhoni Melville on June 29 for the dishonored note dated April 30.

 

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Maurice Tutor
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Status NEW Posted 19 Aug 2017 09:08 PM My Price 7.00

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