Journalize the below transactions in the accounts of Safari Games Co., which operates a riverboat casino. Refer
Question:
Journalize the below transactions in the accounts of Safari Games Co., which operates a riverboat casino. Refer to the Chart of Accounts for exact wording of account titles:
Apr. 18. Received a $60,000, 30-day, 7% note dated April 18 from Glenn Cross on account.
Apr. 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 Rhoni Melville on June 29 for the dishonored note dated April 30.
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac