Journal Entries (Note Received, Discounted, Dishonored, and Collected) Apr. 6 Received a 120-day, 6% note in...

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Journal Entries (Note Received, Discounted, Dishonored, and Collected) Apr. 6 Received a 120-day, 6% note in payment for accounts receivable balance of $3,000. 26 Discounted the note at a rate of 7%. May 3 Received a 30-day, 7% note in payment for accounts receivable balance of $900. June 2 The $900, 30-day, 7% note is dishonored. 5 The dishonored note is paid, plus interest at 7% on the maturity value. Prepare general journal entries for the transactions. Assume 360 days in a year. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- Notes Receivable v 3,000 1 Apr. 6 Accounts Receivable v 3,000 V 2 3 3 4 Apr. 26 Cash 2,970 X 4. 5 Notes Receivable v 3,000 5 Interest Revenue 6. 7 8 May 3 Notes Receivable v 900 8. Accounts Receivable 900 9, 4. Apr. 26 Cash v 2,970 x 5 Notes Receivable v 3,000 V 5 6. Interest Revenue v 6. 7. 8 May 3 Notes Receivable v 900 8. Accounts Receivable v 900 V 9 10 10 11 Jun. 2 Accounts Receivable v 905.25 11 12 Notes Receivable v 900 V 12 13 Interest Revenue v 5.25 V 13 14 14 15 Jun. 5 Cash v 15 16 Accounts Receivable v 905.25 16 17 Interest Revenue X 17 4, 00 Journal Entries (Note Received, Discounted, Dishonored, and Collected) Apr. 6 Received a 120-day, 6% note in payment for accounts receivable balance of $3,000. 26 Discounted the note at a rate of 7%. May 3 Received a 30-day, 7% note in payment for accounts receivable balance of $900. June 2 The $900, 30-day, 7% note is dishonored. 5 The dishonored note is paid, plus interest at 7% on the maturity value. Prepare general journal entries for the transactions. Assume 360 days in a year. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- Notes Receivable v 3,000 1 Apr. 6 Accounts Receivable v 3,000 V 2 3 3 4 Apr. 26 Cash 2,970 X 4. 5 Notes Receivable v 3,000 5 Interest Revenue 6. 7 8 May 3 Notes Receivable v 900 8. Accounts Receivable 900 9, 4. Apr. 26 Cash v 2,970 x 5 Notes Receivable v 3,000 V 5 6. Interest Revenue v 6. 7. 8 May 3 Notes Receivable v 900 8. Accounts Receivable v 900 V 9 10 10 11 Jun. 2 Accounts Receivable v 905.25 11 12 Notes Receivable v 900 V 12 13 Interest Revenue v 5.25 V 13 14 14 15 Jun. 5 Cash v 15 16 Accounts Receivable v 905.25 16 17 Interest Revenue X 17 4, 00

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Prepare journal entry to record the transaction related to note received discounted and d... View the full answer