Blossom Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $22,000. Notes Receivable include the following. Date April 21 May 25 June 30 Maker Coote Inc. Brady Co. BMG Corp. Face Value $4,000 7,200 10,800 Term 90 days 60 days 6 months Maturity Date July 20 July 24 December 31 Interest Rate 8% 9% 6%
Blossom Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $22,000. Notes Receivable include the following. Date April 21 May 25 June 30 Maker Coote Inc. Brady Co. BMG Corp. Face Value $4,000 7,200 10,800 Term 90 days 60 days 6 months Maturity Date July 20 July 24 December 31 Interest Rate 8% 9% 6%
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 9SEB: SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts receivable ledger shown, prepare a schedule of...
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![Blossom Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its
year-end. On June 30, the Notes Receivable account balance is $22,000. Notes Receivable include the following.
Date
April 21
May 25
June 30
July 5
14
20
Maker
24
Coote Inc.
Brady Co.
BMG Corp.
Face Value
$4,000
7,200
10,800
During July, the following transactions were completed.
Term
90 days
60 days
6 months
Maturity Date
July 20
July 24
December 31
Interest Rate
Made sales of $4,140 on Blossom credit cards.
Made sales of $400 on Visa credit cards. The credit card service charge is 3%.
Received payment in full from Coote Inc. on the amount due.
Received payment in full from Brady Co. on the amount due.
8%
9%
6%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fea2524e7-b4a8-40e0-86c0-554060f586e0%2Fa6678c2b-a2b4-4140-8101-6e46cfbb4374%2Ff3r2z7s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Blossom Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its
year-end. On June 30, the Notes Receivable account balance is $22,000. Notes Receivable include the following.
Date
April 21
May 25
June 30
July 5
14
20
Maker
24
Coote Inc.
Brady Co.
BMG Corp.
Face Value
$4,000
7,200
10,800
During July, the following transactions were completed.
Term
90 days
60 days
6 months
Maturity Date
July 20
July 24
December 31
Interest Rate
Made sales of $4,140 on Blossom credit cards.
Made sales of $400 on Visa credit cards. The credit card service charge is 3%.
Received payment in full from Coote Inc. on the amount due.
Received payment in full from Brady Co. on the amount due.
8%
9%
6%
![Show the balance sheet presentation of the receivable accounts at July 31.
A
Blossom Company
Balance Sheet (Partial)
$
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fea2524e7-b4a8-40e0-86c0-554060f586e0%2Fa6678c2b-a2b4-4140-8101-6e46cfbb4374%2F2mzwrls_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Show the balance sheet presentation of the receivable accounts at July 31.
A
Blossom Company
Balance Sheet (Partial)
$
$
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