Buffalo Industries closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $25,800. Notes Receivable include the following.

Date		Maker		Face Value		Term		Maturity Date		Interest Rate
April 21		Coote Inc.		$6,000		90 days		July 20		7%
May 25		Brady Co.		7,800		60 days		July 24		11%
June 30		BMG Corp.		12,000		6 months		December 31		6%

During July, the following transactions were completed.

July 5		Made sales of $4,440 on Buffalo Industries credit cards.
14		Made sales of $700 on Visa credit cards. The credit card service charge is 6%.
20		Received payment in full from Coote Inc. on the amount due.
24		Received payment in full from Brady Co. on the amount due.

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.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Post entries in the order of journal entries posted in the previous part.)

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