Apr 18 30 18 Received a S50400 30day 9 note dated April 18 f

Apr. 18, 30. 18. Received a S50.400, 30-day, 9% note dated April 18 from Glenn Cross on account. Received a $39,000, 60-day, 8% note dated April 30 from Rhoni Melville on acount. The note dated April 18 from Glenn Cross is dishonored, and the customer\'s account is charged for the note, including interest May June 29. The note dated Apni 30 from Rhoni Melville is dishonored, and the customer\'s account is charged for the note, including interest Cash is received for the amount due on the dishonored note dated April 18 plus interest for 90 days at 8% on the total amount debited to Glenn Cross on May 18. Wrote off against the allowance account the amount charged to Rhoni Melville on June 29 for the dishonored note dated Apni 30 Aug. 16. Oct.2 22

Solution

Answer:

Date

Account Title and Explanation

Debit

Credit

Apr-18

Notes Receivables

50400

   Accounts Receivables- Glenn Cross

50400

(To record notes received from Glenn Cross)

Apr-30

Notes Receivables

39000

   Accounts Receivables- Rhoni Melvlle

39000

(To record notes received from Rhoni Melvlle)

May-18

Accounts Receivables- Glenn Cross

50778

Notes Receivables

50400

Interest Revenue (50,400 * 9% * 1/12)

378

(To record Glenn Cross\'s notes dishonred)

Jun-29

Accounts Receivables-Rhoni Melvlle

39520

   Notes Receivables

39000

   Interest Revenue (39000 * 8% * 2/12)

520

(To record Rhoni Melvlle\'s notes dishonred)

Aug-16

Cash

51794

   Accounts Receivables- Glenn Cross

50778

   Interest Revenue (50,778 * 8% * 3/12)

1016

(To record payment received from Glenn Cross)

Oct-22

Allowance for Doubtful Accounts

39520

Accounts Receivables- Rhoni Melvlle

39520

(To write-off the account of Rhoni Melvlle)

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Date	Account Title and Explanation	Debit	Credit
Apr-18	Notes Receivables	50400
	Accounts Receivables- Glenn Cross		50400
	(To record notes received from Glenn Cross)
Apr-30	Notes Receivables	39000
	Accounts Receivables- Rhoni Melvlle		39000
	(To record notes received from Rhoni Melvlle)
May-18	Accounts Receivables- Glenn Cross	50778
	Notes Receivables		50400
	Interest Revenue (50,400 * 9% * 1/12)		378
	(To record Glenn Cross\'s notes dishonred)
Jun-29	Accounts Receivables-Rhoni Melvlle	39520
	Notes Receivables		39000
	Interest Revenue (39000 * 8% * 2/12)		520
	(To record Rhoni Melvlle\'s notes dishonred)
Aug-16	Cash	51794
	Accounts Receivables- Glenn Cross		50778
	Interest Revenue (50,778 * 8% * 3/12)		1016
	(To record payment received from Glenn Cross)
Oct-22	Allowance for Doubtful Accounts	39520
	Accounts Receivables- Rhoni Melvlle		39520
	(To write-off the account of Rhoni Melvlle)