Solution-Discounted the note at security credit bank

Discounted the note at security credit bank

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Reference no: EM131125537

1. Journalize the following transactions in the accounts of Zion Theater Productions:

Mar. 1. Received a $40,000, 90-day, 8% note dated March 1 from Gymboree Company on account.

31. Discounted the note at Security Credit Bank at 10%.

May 30. The note is dishonored by Gymboree Company; paid the bank the amount due on the note, plus a protest fee of $200.

June 29. Received the amount due on the dishonored note plus interest for 30 days at 12% on the total amount charged to Gymboree Company on May 30.

Reference no: EM131125537

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Discounted the note at security credit bank

Reference no: EM131125537

Reference no: EM131125537

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