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 itsyear-end. On June 30, the Notes Receivable account balance is $27,000. Notes Receivable include the following.DateApril 21May 25June 30July 51420Maker24Coote Inc.Brady Co.BMG Corp.During July, the following transactions were completed.Face Value$4,8007,80014,400Term90 days60 days6 monthsMaturity DateJuly 20July 24December 31Interest RateMade 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%

Assets are the resources held with the intention of deriving future benefit. If the asset is held…

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%

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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