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 require., 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. on November 9.

July 12 Note Receivable $_____

            Accounts Receivable Accolade Co. $ ____

Nov. 9 Accounts Receivable Accolade Co. $ ____

           Notes Receivable $ ____

            Interest Revenue $ ____

Dec. 9 Cash $ ____

            Accounts Receivable- Accolade Co. $ ____

            Interest Revenue $ _______

Explanation / Answer

Jul-12 Note Receivable 240,000 To Account Receivable AccoladeCo. 240,000 Nov-09 Account Receivable AccoladeCo. 245,523    To Notes Receivable 240,000    To interest Revenue 5523 Dec-09 Cash 247339 To Account Receivable Accolade Co. 245523 To Interest Revenue 1816

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