Selica Company closes its books on October 31. On September 30 the Notes Receivable account balance is \(\$ 23,400\). Notes Receivable include the following:

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

\section*{Instructions}

(a) Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable.

(b) Enter the balances at October 1 in the receivable accounts and post the entries to all of the receivable accounts. (Use \(\mathrm{T}\) accounts.)

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

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Date Maker Face Value Aug. 16 Foran Inc. $ 8,000 Term 60 days Interest Rate 12% Aug. 25 Drexler Co. 5,200 2 months 12% Sept. 30 MGH Corp. 10,200 6 months 9%