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Wrote off against the allowance account the amount

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Journalize the following transactions in the accounts of Lemon Grove Co., which operates a riverboat casino:

Mar. 1. Received a $30,000, 60-day, 6% note dated March 1 from Bradshaw Co. on account.

18. Received a $25,000, 60-day, 9% note dated March 18 from Soto Co. on account.

Apr. 30. The note dated March 1 from Bradshaw Co. is dishonored, and the customer's account is charged for the note, including interest.

May 17. The note dated March 18 from Soto Co. is dishonored, and the customer's account is charged for the note, including interest.

July 29. Cash is received for the amount due on the dishonored note dated March 1 plus interest for 90 days at 8% on the total amount debited to Bradshaw Co. on April 30.

Aug.23. Wrote off against the allowance account the amount charged to Soto Co. on May 17 for the dishonored note dated March 18. 

Reference no: EM131125528

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