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Prepare entries for various credit card and notes receivable transactions. P8.6 (LO 1, 2, 3, 4) Anping Enterprises 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 NT$23,800 (amounts in thousands). Notes Receivable includes the following. Date April 21 Maker Coote Inc. Face Value Term Maturity Date Interest Rate NT$6,000 90 days July 20 8% May 25 Brady Co. June 30 ВМС Согр. 7,800 10,000 60 days July 24 10% 6 months December 31 6% b. A/R bal. NT$4,500 c. Tot. receivables NT$14,550 During July, the following transactions were completed. July 5 Made sales of NT$4,500 on Anping credit cards. 14 20 Made sales of NT$600 on Visa credit cards. The credit card service charge is 3%. Received payment in full from Coote Inc. on the amount due. 24 Received payment in full from Brady Co. on the amount due. Instructions a. Journalize the July transactions and the July 31 adjusting entry for accrued interest receivable. (Interest is computed using 360 days; omit cost of goods sold entries.) b. Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Use T-accounts.) c. Show the statement of financial position presentation of the receivable accounts at July 31.

Prepare entries for various credit card and notes receivable transactions. P8.6 (LO 1, 2, 3, 4) Anping Enterprises 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 NT$23,800 (amounts in thousands). Notes Receivable includes the following. Date April 21 Maker Coote Inc. Face Value Term Maturity Date Interest Rate NT$6,000 90 days July 20 8% May 25 Brady Co. June 30 ВМС Согр. 7,800 10,000 60 days July 24 10% 6 months December 31 6% b. A/R bal. NT$4,500 c. Tot. receivables NT$14,550 During July, the following transactions were completed. July 5 Made sales of NT$4,500 on Anping credit cards. 14 20 Made sales of NT$600 on Visa credit cards. The credit card service charge is 3%. Received payment in full from Coote Inc. on the amount due. 24 Received payment in full from Brady Co. on the amount due. Instructions a. Journalize the July transactions and the July 31 adjusting entry for accrued interest receivable. (Interest is computed using 360 days; omit cost of goods sold entries.) b. Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Use T-accounts.) c. Show the statement of financial position presentation of the receivable accounts at July 31.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 13P: Notes Receivable Transactions The following notes receivable transactions occurred for Harris...
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Prepare entries for various credit card and notes receivable transactions. P8.6 (LO 1, 2, 3, 4) Anping Enterprises 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 NT$23,800 (amounts in thousands). Notes Receivable includes the following. Date April 21 Maker Coote Inc. Face Value Term Maturity Date Interest Rate NT$6,000 90 days July 20 8% May 25 Brady Co. June 30 ВМС Согр. 7,800 10,000 60 days July 24 10% 6 months December 31 6% b. A/R bal. NT$4,500 c. Tot. receivables NT$14,550 During July, the following transactions were completed. July 5 Made sales of NT$4,500 on Anping credit cards. 14 20 Made sales of NT$600 on Visa credit cards. The credit card service charge is 3%. Received payment in full from Coote Inc. on the amount due. 24 Received payment in full from Brady Co. on the amount due. Instructions a. Journalize the July transactions and the July 31 adjusting entry for accrued interest receivable. (Interest is computed using 360 days; omit cost of goods sold entries.) b. Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Use T-accounts.) c. Show the statement of financial position presentation of the receivable accounts at July 31.
Transcribed Image Text:Prepare entries for various credit card and notes receivable transactions. P8.6 (LO 1, 2, 3, 4) Anping Enterprises 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 NT$23,800 (amounts in thousands). Notes Receivable includes the following. Date April 21 Maker Coote Inc. Face Value Term Maturity Date Interest Rate NT$6,000 90 days July 20 8% May 25 Brady Co. June 30 ВМС Согр. 7,800 10,000 60 days July 24 10% 6 months December 31 6% b. A/R bal. NT$4,500 c. Tot. receivables NT$14,550 During July, the following transactions were completed. July 5 Made sales of NT$4,500 on Anping credit cards. 14 20 Made sales of NT$600 on Visa credit cards. The credit card service charge is 3%. Received payment in full from Coote Inc. on the amount due. 24 Received payment in full from Brady Co. on the amount due. Instructions a. Journalize the July transactions and the July 31 adjusting entry for accrued interest receivable. (Interest is computed using 360 days; omit cost of goods sold entries.) b. Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Use T-accounts.) c. Show the statement of financial position presentation of the receivable accounts at July 31.
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