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Question - 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 includes 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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