Grey Boat Company often requires customers to sign promissory notes for major credit purchases. Accepted...
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Grey Boat Company often requires customers to sign promissory notes for major credit purchases. Accepted a $35,000, 696, 60-day note from Bill Bazil for a 19-foot motorboat built to his specifications. Feb. 12 Apri 14 Received notification from Bill Bazil that he was unable to honor his promissory note but that he expects to pay the amount owed in May May 26 June 10 Received notification by the bank that Bill Bazil's check was being returned "NSF" and that Mr. Bazil had declared personal bankruptcy. Received a check from Bill Bazil for the total amount owed. Journalize the above transactions for Grey Boat Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Feb. 12 April 14 May 26 June 10 To record Bill Bazil's check returned on account of personal bankrupcy)
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