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Journalize the october transactions and the october 31

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Reference no: EM13480845

Manatee Company closes its books monthly. On September 30, selected ledger account balances are:

Notes Receivable
$82,800
Interest Receivable
420


Notes Receivable include the following.

Date
Maker
Face
Term
Interest
Aug. 16
M. Bear Inc.
$ 16,800
60 days
12%
Aug. 25
Pope Co.
12,000
60 days
14%
Sept. 30
Quackers Corp.
54,000
6 months
13%


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

Oct. 7
Made sales of $7,630 on Manatee credit cards.
12
Made sales of $700 on MasterCard credit cards. The credit card service charge is 2%.
15
Added $531 to Manatee customer balance for finance charges on unpaid balances.
15
Received payment in full from M. Bear Inc. on the amount due.
24
Received notice that the Pope note has been dishonored. (Assume that Pope is expected to pay in the future.)

(a)
Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.)

Reference no: EM13480845

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