Hi, I need help with this Thank you nearest cent when necessary and the customer

Question

Hi,
I need help with this
Thank you

nearest cent when necessary and the customer's account is charged for the note, including interest. customer's account is charged for the note, including interest. June 29. The note dated April 30 from Jon Kelly is dishonored, and the on the dishonored note dated March 29 plus interest for 90 days at 6% on the total amount debited to Kane Platt on May 28. Oct. 22. Wrote off against the allowance account the amount charged to Jon Kelly on June 29 for the dishonored note dated April 30. May 28 8:36 PM

Explanation / Answer

Solution:

Journal Entries - Missouri Gaming Company Date Particulars Debit Credit 29-Mar Note Receivables Dr $64,800.00            To Accounts Receivables - Karie Platt $64,800.00 (Being note received from customer) 30-Apr Note Receivables Dr $16,800.00            To Accounts Receivables - Jon Kelly $16,800.00 (Being note received from customer) 28-May Accounts Receivables - Karie Platt Dr $65,664.00            To Notes Receivables $64,800.00            To Interest revenue ($64,800*8%*60/360) $864.00 (Being note received from Karie Platt dishonored) 29-Jun Accounts Receivables - Jon Kelly Dr $16,968.00            To Notes Receivables $16,800.00            To Interest revenue ($16,800*8%*60/360) $168.00 (Being note received from Karie Platt dishonored) 26-Aug Cash Dr $66,649.00            To Accounts Receivables - Karie Platt $65,664.00            To Interest revenue ($65,664*6%*90/360) $985.00 22-Oct Allowane for doubtful accounts Dr $16,968.00            To Accounts Receivables - Jon Kelly $16,968.00 (Being bad debts written off)

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.