A Jander Company closes its books on July 31. On June 30, the Notes Receivable account balance

Question:

A Jander Company closes its books on July 31. On June 30, the Notes Receivable account balance is $23,800. Notes Receivable include the following.

During July, the following transactions were completed.July 5 Made sales of $4,500 on Jander credit cards.14 Made sales of $600 on Visa credit cards. The credit card service charge is 3%.20 Received payment in full from Allen Inc. on the amount due.24 Received payment in full from Garnham Co. on the amount due.Instructions(a) 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.)(b) Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Use T accounts.)(c) Show the balance sheet presentation of the receivable accounts at July 31.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...