Entries for receipt and Dishonor of Note receivable
Journalize the following transactions of Sanchez Productions, Assume 360 days in a year. For a compound transaction, if an amount box does not requires an entry, leave it blank.
July 12. Received a $ 240,000, 120- day, 7% note dated July 12 from Accolade Co. on account.
Nov. 9. The note is dishonored by Accolade Co.
Dec.9. Received the amount due on the dishonored note plus interest for 30 days at 9% on the total amount charged to Accolade Co. November 9.
July 12 Notes Receivable $ ______
Accounts receivable- Accolade Co. $ ______
Nov. 9 Accounts Receivable – Accolade Co. $ ____
Notes Receivable $ ___
Interest Revenue $ ___
Dec.9 Cash $ _____
Account Receivable – Accolade Co. $ ____
Interest Revenue $ ______