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Entries for receipt and dishonor of note receivable -

Entries for receipt and dishonor of note receivable

Journalize the following transactions of Sanchez Productions:

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. on November 9.

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Accounting Basics: Entries for receipt and dishonor of note receivable -

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