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2 years ago

Journalize the following transactions of Trapper Jonâ€™s Productions. Assume 360 days in a year.

Business

1 answer:

Sindrei [870]2 years ago

4 0

Answer:

Explanation:

To record note received

On June 23. Debit Credit

Notes Receivable $48,000

Accounts receivable for Radon ExpressCo $48,000

interest revenue = $48,000 x 8%x 90/360

To record dishonored note

On September 21st Debit Credit

Accounts receivable for Radon Co $48,960

Notes Receivable $48,000

Interest Revenue $960

Interest Revenue $48,960 x 10%x 30/360 = $408

Journal to record Cash Received

October 21 Debit Credit

Cash $49,368

Accounts Receivable for Radon Express Co $48,960

Interest $408

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