91Ó°ÊÓ

Journalize the following transactions of Funhouse Productions: July 8. Received a \(\$ 120,000,90\)-day, \(8 \%\) note dated July 8 from Mystic Mermaid Company on account. Oct. 6. The note is dishonored by Mystic Mermaid Company. Nov. 5. Received the amount due on the dishonored note plus interest for 30 days at \(10 \%\) on the total amount charged to Mystic Mermaid Company on October \(6 .\)

List any errors you can find in the following partial balance sheet: \begin{tabular}{lrrr} \multicolumn{3}{c}{ Jennett Company Balance Sheet December 31, 2010 } \\ Current assets: & Assets & & \\ Cash & \(\$ 250,000\) & \\ Notes receivable & 15,000 & 235,000 \\ \(\quad\) Less interest receivable & \(\$ 398,000\) & \\ Accounts receivable & 36,000 & 434,000 \end{tabular}