Question

Journalize the following transactions in the accounts of Duncan Casino Co:
Mar. 1. Received a $30,000, 60-day, 3% note dated March 1 from Bradshaw Co. in exchange for an account receivable.
18. Received a $25,000, 60-day, 4% note dated March 18 from Soto Co. in exchange for an account receivable.
Apr. 30. The note dated March 1 from Bradshaw Co. is dishonoured, and the customer’s account is charged for the note, including interest.
May 17. The note dated March 18 from Soto Co. is dishonoured, and the customer’s account is charged for the note, including interest.
Jul. 29. Cash is received for the amount due on the dishonoured note dated March 1 plus interest for 90 days at 4% on the total amount debited to Bradshaw Co. on April 30.
Aug. 23. Wrote off against the allowance account the amount charged to Soto Co. on May 17 for the dishonoured note dated March 18.


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  • CreatedSeptember 15, 2015
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