Journalize the following transactions of Trapper Jon’s Productions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank.

June 23 Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account.
Sept. 21 The note is dishonored by Radon Express Co.
Oct. 21 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Radon Express Co. on September 21.

June 23
Notes Receivable
Accounts Receivable-Radon Express Co.

Sept. 21
Accounts Receivable-Radon Express Co.
Notes Receivable
Interest Revenue

Oct. 21
Cash
Accounts Recelvable-Radon Express Co.
Interest Revenue

June 23 Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account.

Sept. 21 The note is dishonored by Radon Express Co.

When a customer defaults on a note, the company is allowed to convert the note back to accounts receivable and charge any accrued interests. Depending on the client, the company can give them more time (by switching back the note into accounts receivable) or the company can write off the note and try to sell it to a collection company.

Oct. 21 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Radon Express Co. on September 21.

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