Solved: Nov 5 received the amount due on the dishonored note plus, Accounting Basics

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Nov 5 received the amount due on the dishonored note plus

1. Journalize the following transactions of Funhouse Productions:

July 8. Received a $120,000, 90-day, 8% note dated July 8 from Mystic Mermaid Company on account.

Oct. 6. The note is dishonored by Mystic Mermaid Company.

Nov. 5. Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Mystic Mermaid Company on October 6.

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Accounting Basics: Nov 5 received the amount due on the dishonored note plus

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Accounting Basics: Nov 5 received the amount due on the dishonored note plus

Reference No:- TGS01509929

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