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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 at it year-end. On June 30, the Notes Receivable account balance is $27,000. Notes Receivable include the following. Date April 21 Coote Inc. May 25 Brady Co. June 30 BMG Corp. 20 Maker 24 Face Value $4,800 7,800 14,400 Term 90 days. 60 days 6 months During July, the following transactions were completed. July 5 Made sales of $4,530 on Ivanhoe credit cards. 14 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 duo Maturity Date Interest Rate July 20 8% July 24 December 31 10% 6%

Ivanhoe Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at it year-end. On June 30, the Notes Receivable account balance is $27,000. Notes Receivable include the following. Date April 21 Coote Inc. May 25 Brady Co. June 30 BMG Corp. 20 Maker 24 Face Value $4,800 7,800 14,400 Term 90 days. 60 days 6 months During July, the following transactions were completed. July 5 Made sales of $4,530 on Ivanhoe credit cards. 14 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 duo Maturity Date Interest Rate July 20 8% July 24 December 31 10% 6%

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterB: Bad Debts
Section: Chapter Questions
Problem 1P: Rogan Companys total sales on account for the year amounted to 327,000. The company, which uses the...
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show the balance shet presentation of the receivable accounts at july 31.

Ivanhoe 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 $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. During July, the following transactions were completed. Face Value $4,800 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 at its 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. During July, the following transactions were completed. Face Value $4,800 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%
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