Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Post entries in theorder of journal entries posted in the previous part.)Notes ReceivableAccounts ReceivableInterest Receivable Ayayai 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 $23,800. Notes Receivable include the following.DateMakerFace ValueTermMaturity DateInterest RateApril 21 Coote Inc.$4,80090 daysJuly 208%May 25Brady Co.7,80060 daysJuly 2410%June 30BMG Corp.11,2006 monthsDecember 316%During July, the following transactions vwere completed.July 5Made sales of $5,100 on Ayayai credit cards.14Made sales of $500 on Visa credit cards. The credit card service charge is 3%.20Received payment in full from Coote Inc. on the amount due.24Received payment in full from Brady Co. on the amount due.DateAccount Titles and ExplanationDebitCredity5Accounts Receivable5100Sales Revenue5100uly 14 VCash485Service Charge Expense15Sales Revenue500y 20 VCash4896Interest Revenue96Notes Receivable4800v 24 vCash7930Interest Revenue130Notes Receivable7800y 31 vInterest Receivable50interest revenue50

The question is based on the concept of financial accounting.

Date Maker Face Value Term Maturity Date Interest Rate April 21 Coote Inc. $4,800 90 days July 20 8% May 25 Brady Co. 7,800 60 days July 24 10% BMG Corp. 11,200 6 months December 31 June 30 6% During July, the following transactions were completed. July 5 Made sales of $5,100 on Ayayai credit cards. 14 Made sales of $500 on Visa credit cards. The credit card service charge is 3%. 20 Received payment in full from Coote Inc. on the amount due. 24 Received payment in full from Brady Co. on the amount due.

Date Maker Face Value Term Maturity Date Interest Rate April 21 Coote Inc. $4,800 90 days July 20 8% May 25 Brady Co. 7,800 60 days July 24 10% BMG Corp. 11,200 6 months December 31 June 30 6% During July, the following transactions were completed. July 5 Made sales of $5,100 on Ayayai credit cards. 14 Made sales of $500 on Visa credit cards. The credit card service charge is 3%. 20 Received payment in full from Coote Inc. on the amount due. 24 Received payment in full from Brady Co. on the amount due.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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