Journalize the following transactions in the accounts of Allied Theater Productions: June 1. Received a $60,000, 60-day,
Question:
Journalize the following transactions in the accounts of Allied Theater Productions:
June 1. Received a $60,000, 60-day, 8% note dated June 1 from Rhodes Company on account.
July 1. Discounted the note at City Bank at 9%.
31. The note is dishonored by Rhodes Company; paid the bank the amount due on the note, plus a protest fee of $200.
Aug. 30. Received the amount due on the dishonored note plus interest for 30 days at 12% on the total amount charged to Rhodes Company on July 31.
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June 1 Notes Receivable 60000 Accounts ReceivableRhodes Co 60000 July 1 Cash 6...View the full answer
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