Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino: Apr.

Question:

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

Apr. 18. Received a $60,000, 30-day, 7% note dated April 18 from Glenn Cross on account.

30. Received a $42,000, 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 8% on the total amount debited to Glenn Cross on May 18.

Oct. 22. Wrote off against the allowance account the amount charged to RhoniMelville on June 29 for the dishonored note dated April 30.


Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Corporate Financial Accounting

ISBN: 978-1133952411

12th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

Question Posted: