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Problem- Entries for receipt and dishonor of note receivable

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Problem - Entries for receipt and dishonor of note receivable

Journalize the following transactions of Frankenstein Productions:

May 3. Received a $150,000, 120-day, 6% note dated May 3 from Sunrider Co. on account.

Aug. 31. The note is dishonored by Sunrider Co.

Oct. 30. Received the amount due on the dishonored note plus interest for 60 days at 9% on the total amount charged to Sunrider Co. on August 31.

Reference no: EM132681455

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