EX 9-24 Entries for receipt and dishonor of notes receivable
Journalize the following transactions in the accounts of Jamba Co., which operates a riverboat casino:
| Mar. 1. | Received an $80,000, 60-day, 6% note dated March 1 from Tomekia Co. on account. |
| 18. | Received a $75,000, 60-day, 8% note dated March 18 from Mystic Co. on account. |
| Apr. 30. | The note dated March 1 from Tomekia Co. is dishonored, and the customer’s account is charged for the note, including interest. |
| May 17. | The note dated March 18 from Mystic Co. is dishonored, and the customer’s account is charged for the note, including interest. |
| July 29. | Cash is received for the amount due on the dishonored note dated March 1 plus interest for 90 days at 8% on the total amount debited to Tomekia Co. on April 30. |
| Aug. 23. | Wrote off against the allowance account the amount charged to Mystic Co. on May 17 for the dishonored note dated March 18. |
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