Question

433 Chapter 9 Receivables EX 9-24 Entries for receipt and dishonor of notes receivable Journalize the following transactions in the accounts the following transactions in the flamba Co., which ope riverboat casino: Mar. 1. Received an $80.000 60 day 626 note dated March 1 from Tomeka te dated March 1 from Tomekia Co, on account. 18. Received a $75,000, 60-day, 8% note dated March 18 from Mystic Co. on account. Apr. 30. The note dated March 1 from Tomekia Co. is dishonored, and the customer's account is charged for the note, including interest. May 17. The note dated March 18 from Mystic Co. is dishonored, and the customer's account is charged for the note, including interest. July 29. Cash is received for the amount due on the dishonored note dated March 1 plus interest for 90 days at 8% on the total amount debited to Tomekia Co, on April 30. Aug. 23. Wrote off against the allowance account the amount charged to Mystic Co. on May 17 for the dishonored note dated March 18. EX 9-25 Receivables on the balance sheet List any errors you can find in the following partial balance sheet: Tulips Company Balance Sheet December 31, 2012 Assets Current assets: $138,000

Answer 1

Date Parliculars De bitGredit March 1 Noes Receivable 80/000 Accounts Receivable -Tomekia lo ఆ000 Betng Note received fom tomekia to) havwing to/ nob March 18Notes Recevable Accounts Recetvable - Mysic (o (Being 6 hote received fom Myiclo Apil 30 Accounts Receivable -Tomekia la . oo0'St 80,800 80,000 Notes Receivable Dnterest Revenu $20,00 X6/x6 Beira Notes dishona ed á itaekd May 1Accounk Receivab le- Myshc 800 Notes Receivable ntevest Revenu (15000xx60 360 cReirg Nees clthonoured interest Cheged) po o Tuly 29 Cash ৪२/५ा6 Accounts Recevable -Tomele Co Snterest Revenua 80,800 @ooxs/x/360). 9191 CReing ash Recaived fom dhovove Aug 23 Alloan ce dabt hul Acounb Aceounh Recevbl Myshc o Bony allowance account coite f wich was dhooged) f4000 h00 0