90.2K

Verified Solution

Link Copied!

Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino. Assume 360 days in a year. For a compound transaction, if an amount box does not require an entry, leave it blank. Round final answers to the nearest cent when necessary. Received a $14,400, 60-day, 6% note dated April 18 from Glenn Cross on account. 18 30, Received a $29,100, 60-day, 8% note dated April 30 from Rhoni Melville on account. May The note dated April 18 from Glenn Cross is dishonored, and the customer's account is charged for the note, 18. including interest. June The note dated April 30 from Rhoni Melville is dishonored, and the customer's account is charged for the note, 29. including interest. 16. the total amount debited to Glenn Cross on May 18. 22. note dated April 30 Aug. Cash is received for the amount due on the dishonored note dated April 18 plus interest for 90 days at 6% on Oct. Wrote off against the allowance account the amount charged to Rhoni Melville on June 29 for the dishonored Apr. 18 Notes Receivable Accounts Receivable-Glenn Cross Apr. 30 Notes Receivable Accounts Receivable-Rhoni Melville May 18 Accounts Receivable-Glenn Cross Notes Receivable Interest Revenue June 29 Accounts Receivable-Rhoni Melville Notes Receivable Interest Revenue Aug. 16 Cash Accounts Receivable-Glenn Cross Interest Revenue Oct. 22 Allowance for Doubtful Accounts Accounts Receivable-Rhoni Melville

Answer & Explanation Solved by verified expert

See Answer