Question

Lunga NUWV2 online teaching and learning resource from Cangage Leaming Book * Show Me How Calculator Print Item 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. Apr. 18. Received a $64,800, 60-day, 10% note dated April 18 from Glenn Cross on account. 30. Received a $33,000, 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 account 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 6% on the total amount deb 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. Apr 18 Apr. 30 May 18 Il di June 29 Previous Next > Check My Work Submit Assignment for Grading Email Instructor Save and Ext

Answer 1

Date	Accounts and Explanation	Debit	Credit
18-Apr	Note receivable	64,800
	Account receivable-Glenn Cross		64,800
30-Apr	Note receivable	33,000
	Account receivable-Rhoni Melville		33,000
18-May	Account receivable-Glenn Cross	65,340
	Note receivable		64,800
	interest revenue (64800*10%*30/360)		540
29-Jun	Account receivable-Rhoni Melville	33,440
	Note receivable		33,000
	interest revenue (33000*8%*60/360)		440
16-Aug	Cash	66,320
	Account receivable		65,340
	interest revenue (65340*6%*90/360)		980
22-Oct	Allowance for uncollectible accounts	33,440
	Account receivable		33,440