Mendosa company closes its books monthly on september 30

Reference no: EM13606266

Mendosa Company closes its books monthly. On September 30, selected ledger account balances are:
Notes Receivable $33,000
Interest Receivable $ 170

Notes Receivable include the following.

Date Maker Face Term Interest
Aug. 16th Chang. Inc $8,000 60 days 8%
Aug. 25th Hughey Co. $9,000 60 days 10%
Sept. 30th Skinner 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 Mendosa credit cards
12 Made sales of $900 on MasterCard Credit cards. The credit card service charge is 3%.
15 Added $460 to Mendosa customer balance for finance charges on unpaid balances
15 Received payment in full from Change Inc. on the amount due
24 Received notice that the Hughey note has been dishonored. (assume that Hughey is expected to pay in the furture)

instructions
(a) Journalize the October transactions and the October 31 adjusting engtry for accrued interest receivable

(b) Enter the balances at October 1 in the receivable accounts. POst the entries to all of the receivable accounts.

Reference no: EM13606266

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