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Journalize the october transactions and adjusting entry

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Reference no: EM131794400

Problem 8-6A (Part Level Submission) Farwell Company closes its books monthly. On September 30, selected ledger account balances are:

Notes Receivable $37,000
Interest Receivable 183

Notes Receivable include the following.

Date Maker Face Term Interest
Aug. 16 K. Goza Inc.
 mce_markernbsp;12,000 60 days 8%
Aug. 25 Holt Co.
 9,000 60 days 7%
Sept. 30 Noblitt Corp.
 16,000 6 months 9%

Interest is computed using a 360-day year. During October, the following transactions were completed.

Oct. 7 Made sales of $6,900 on Farwell credit cards.
12 Made sales of $900 on MasterCard credit cards. The credit card service charge is 3%.
15 Added $460 to Farwell customer balances for finance charges on unpaid balances.
15 Received payment in full from K. Goza Inc. on the amount due.
24 Received notice that the Holt note has been dishonored. (Assume that Holt is expected to pay in the future.)

Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable.

Reference no: EM131794400

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