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Current Attempt in Progress Oriole Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest
Current Attempt in Progress Oriole Company 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 $24,400. Notes Receivable include the following Date Maker Face Value Term Maturity Date Interest Rate April 21 Coote Inc. $5.200 May 25 June 30 Brady Co. 6.000 BMG Corp. 13.200 90 days 60 days 6 months July 201 July 241 7% 9% December 31 5% During July, the following transactions were completed. July 5 Made sales of $5,300 on Oriole credit cards. 14 Made sales of $800 on Visa credit cards. The credit card service charge is 4% 201 Received payment in full from Coote Inc. on the amount due. 24 Received payment in full from Brady Co. on the amount due.
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