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Journalize the october transactions for interest receivable

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Reference no: EM131804094

Problem

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

Notes Receivable

  

$31,800

Interest Receivable

  

108

Notes Receivable include the following.

Date

  

Maker

  

Face

  

Term

  

Interest

Aug. 16

  

K. Goza Inc.

  

mce_markernbsp;8,400

  

60 days

  

6%

Aug. 25

  

Holt Co.

  

9,000

  

60 days

  

5%

Sept. 30

  

Noblitt Corp.

  

14,400

  

6 months

  

7%

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

Oct. 7

  

Made sales of $7,000 on Farwell credit cards.

12

  

Made sales of $700 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 interestreceivable.

Reference no: EM131804094

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