Journalize the following transactions in the accounts of Blue Sky Co., which operates a riverboat casino: Mar.

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Journalize the following transactions in the accounts of Blue Sky Co., which operates a riverboat casino:

Mar. 1. Received a $15,000, 60-day, 5% note dated March 1 from Absaroka Co. on account.

18. Received a $12,000, 90-day, 9% note dated March 18 from Sturgis Co. on account.

Apr. 30. The note dated March 1 from Absaroka Co. is dishonored, and the customer's account is charged for the note, including interest.

June 16. The note dated March 18 from Sturgis Co. is dishonored, and the customer's account is charged for the note, including interest.

July 11. Cash is received for the amount due on the dishonored note dated March 1 plus interest for 72 days at 8% on the total amount debited to Absaroka Co. on April 30.

Oct. 12. Wrote off against the allowance account the amount charged to Sturgis Co. on June 16 for the dishonored note dated March 18.


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Accounting

ISBN: 978-0324188004

21st Edition

Authors: Carl s. warren, James m. reeve, Philip e. fess

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