Schottenheimer Co. closes its books monthly. On June 30, selected ledger account balances are:

During July, the following transactions were completed.

Instructions

(a) Journalize the July transactions and the July 31 adjusting entry for accrued interest receivable. (Interest is computed using 360 days.)

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

(c) Show the balance sheet presentation of the receivable accounts at July 31.

Transcribed Image Text:

Notes Receivable Interest Receivable $46,000 $ 300 Notes Receivable include the following. Date Maker Face Term Interest May 16 Baylor Inc. $ 6,000 60 days 10% May 25 Felter Co. 25,000 60 days 9% June 30 ERV Corp. 15,000 6 months 8%