Entries for Receipt and Dishonor of Note Receivable
Journalize the following transaction of Sanchez Productions.Assume 360 days in a year. For a compound tranaction,
July 12. Received a 140000,120- day,7% note dated July 12 fromAccolade Co. on account.
Nov. 9. The note is dishonored by Accolade Co.
Dec. 9. Received the amount due on the dishonored note plusinterest for 30 days at 9% on the total amount charged to AccoladeCo. on November 9.
July 12 NotesReceivable ______________
Accounts Receivable AccoladeCo. _______________
Nov.9 Accounts Receivable AccoladeCo._____________
Dec.9 Cash ______________
Accounts Receivable- AccoladeCo. _______________