Journalize the following transactions(assume a 360-day year when calculating interest):Mar. 1Received a 90-day, 10% note for $24,000, dated March 1, from Batson Co. on account.May 30The note of March 1 was dishonored.

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Jolynn Cosby · Accepted Answer

Final Answer :   Mar.  1  Notes Receivable-Batson Co.           24 , 000                 Accounts Receivable-Batson Co.  24 , 000  May 30 Accounts Receivable-Batson Co.       24 , 600                    Notes Receivable  24 , 000                    Interest Revenue  600 \begin{array}{lr}	ext { Mar. } 1 	ext { Notes Receivable-Batson Co. } ~~~~~~~~~\quad 24,000\~~~~~~~~~~~~~~~	ext { Accounts Receivable-Batson Co. }  &  24,000\\	ext { May 30 Accounts Receivable-Batson Co. }  ~~~~~24,600 \~~~~~~~~~~~~~~~~~~	ext { Notes Receivable }  &  24,000 \~~~~~~~~~~~~~~~~~~	ext { Interest Revenue }  &  600\end{array}  Mar.  1  Notes Receivable-Batson Co.                    24 , 000                                Accounts Receivable-Batson Co.   May 30 Accounts Receivable-Batson Co.            24 , 600                                      Notes Receivable                                       Interest Revenue  ​ 24 , 000 24 , 000 600 ​

Journalize the following transactions
(assume a 360-day year when calculating interest):Mar. 1Received a 90-day, 10% note for $24,000, dated March 1, from Batson Co. on account.May 30The note of March 1 was dishonored.

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Learning Objectives

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Journalize the following transactions (assume a 360-day year when calculating interest):Mar. 1Received a 90-day, 10% note for $24,000, dated March 1, from Batson Co. on account.May 30The note of March 1 was dishonored.

Definitions

Learning Objectives

Learning Objectives

Related questions

Journalize the following transactions
(assume a 360-day year when calculating interest):Mar. 1Received a 90-day, 10% note for $24,000, dated March 1, from Batson Co. on account.May 30The note of March 1 was dishonored.