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Ivanhoe Company closes its books on its July 31 year-end. The company does not make entries to accrue for interes year-end. On June 30, the Notes Receivable account balance is $27,000. 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 $4,800 7,800 During July, the following transactions were completed. 14,400 Term 90 days 60 days 6 months Maturity Date July 20 July 24 December 31- Interest Rate 8% Made sales of $4,530 on Ivanhoe credit cards. Made sales of $500 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.. 10% 6%

Ivanhoe Company closes its books on its July 31 year-end. The company does not make entries to accrue for interes year-end. On June 30, the Notes Receivable account balance is $27,000. 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 $4,800 7,800 During July, the following transactions were completed. 14,400 Term 90 days 60 days 6 months Maturity Date July 20 July 24 December 31- Interest Rate 8% Made sales of $4,530 on Ivanhoe credit cards. Made sales of $500 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.. 10% 6%

FINANCIAL ACCOUNTING
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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Ivanhoe Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except a year-end. On June 30, the Notes Receivable account balance is $27,000. 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 $4,800 During July, the following transactions were completed. 7,800 14,400 Term 90 days 60 days 6 months Maturity Date July 20 July 24 December 31 Interest Rate Made sales of $4,530 on Ivanhoe credit cards. Made sales of $500 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% 10% 6%
Transcribed Image Text:Ivanhoe Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except a year-end. On June 30, the Notes Receivable account balance is $27,000. 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 $4,800 During July, the following transactions were completed. 7,800 14,400 Term 90 days 60 days 6 months Maturity Date July 20 July 24 December 31 Interest Rate Made sales of $4,530 on Ivanhoe credit cards. Made sales of $500 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% 10% 6%
Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Post entries in the order of journal entries presented in the previous part.) Notes Receivable Accounts Receivable Interest Receivable
Transcribed Image Text:Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Post entries in the order of journal entries presented in the previous part.) Notes Receivable Accounts Receivable Interest Receivable
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