Kolton Company closes its books on its July 31 year-end. The company does not make entries...
Kolton 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
$23,800. Notes Receivable include the following.
|
Date
|
Maker
|
Face Value
|
Term
|
Maturity Date
|
Interest Rate
|
|||||
| April 21 | Booth Inc. | $6,000 | 90 days | July 20 | 8% | |||||
| May 25 | Manning Co. | 7,800 | 60 days | July 24 | 10% | |||||
| June 30 | ANF Corp. | 10,000 | 6 months | December 31 | 6% |
During July, the following transactions were completed.
| July 5 | Made sales of $4,500 on Kolton credit cards. | |
| 14 | Made sales of $600 on Visa credit cards. The credit card service charge is 3%. | |
| 20 | Received payment in full from Booth Inc. on the amount due. | |
| 24 | Received payment in full from Manning Co. on the amount due. |
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.)
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Kolton Company closes its books on its July 31 year-end. The
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