Speedway Corporation adjusts its books monthly. On September 30, 2021, notes receivable include the following: Issue Date Mar. 31, 2021 May 31, 2021 Aug. 31, 2021 Sept. 30, 2021 Oct. 1 31 31 31 Maker 31 RES Inc. Ihara Ltd. Dragon Limited MGH Corp. Principal $19,800 16,600 4,900 21,300 Interest 6% 4% 7% 5% Interest is due at maturity for the RES and Dragon notes. Interest is due on the first day of the month for the Ihara and MGH notes. At September 30, the balance in the Allowance for Doubtful Notes account is nil. In October, the following selected transactions were completed. Term 7 months 18 months 2 months 16 months Received the interest due from Ihara. Received notice that Dragon was unable to pay its note as scheduled. It expects to be able to pay in the future. The RES note matured and was received in full. Accrued interest on the Ihara and MGH notes. Analyzed the remaining notes for collectibility. Estimated that $16,600 of notes may not be collectible in the future because of significant labour issues currently being experienced by Ihara.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Your answer is partially correct.
Calculate the balance in the Interest Receivable and Notes Receivable accounts at September 30, 2021. (Round answers to 0
decimal places, e.g. 5,275.)
Balance in the Interest Receivable $
Balance in the Notes Receivable
eTextbook and Media
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Transcribed Image Text:Your answer is partially correct. Calculate the balance in the Interest Receivable and Notes Receivable accounts at September 30, 2021. (Round answers to 0 decimal places, e.g. 5,275.) Balance in the Interest Receivable $ Balance in the Notes Receivable eTextbook and Media List of Accounts Save for Later 844 62600 Assistance Used Attempts: 2 of 3 used Submit Answer
Speedway Corporation adjusts its books monthly. On September 30, 2021, notes receivable include the following:
Issue Date
Mar. 31, 2021
May 31, 2021
Aug 31, 2021
Sept. 30, 2021
Oct.
1
31
31
31
Maker
31
RES Inc.
Ihara Ltd.
Dragon Limited
MGH Corp.
Principal
$19,800
16,600
4,900
21,300
Interest
6%
4%
7%
5%
Interest is due at maturity for the RES and Dragon notes. Interest is due on the first day of the month for the lhara and MGH notes. At
September 30, the balance in the Allowance for Doubtful Notes account is nil. In October, the following selected transactions were
completed.
Term
7 months
18 months
2 months
16 months
Received the interest due from Ihara.
Received notice that Dragon was unable to pay its note as scheduled. It expects to be able to pay in the future.
The RES note matured and was received in full.
Accrued interest on the Ihara and MGH notes.
Analyzed the remaining notes for collectibility. Estimated that $16,600 of notes may not be collectible in the future
because of significant labour issues currently being experienced by Ihara.
Transcribed Image Text:Speedway Corporation adjusts its books monthly. On September 30, 2021, notes receivable include the following: Issue Date Mar. 31, 2021 May 31, 2021 Aug 31, 2021 Sept. 30, 2021 Oct. 1 31 31 31 Maker 31 RES Inc. Ihara Ltd. Dragon Limited MGH Corp. Principal $19,800 16,600 4,900 21,300 Interest 6% 4% 7% 5% Interest is due at maturity for the RES and Dragon notes. Interest is due on the first day of the month for the lhara and MGH notes. At September 30, the balance in the Allowance for Doubtful Notes account is nil. In October, the following selected transactions were completed. Term 7 months 18 months 2 months 16 months Received the interest due from Ihara. Received notice that Dragon was unable to pay its note as scheduled. It expects to be able to pay in the future. The RES note matured and was received in full. Accrued interest on the Ihara and MGH notes. Analyzed the remaining notes for collectibility. Estimated that $16,600 of notes may not be collectible in the future because of significant labour issues currently being experienced by Ihara.
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