Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed 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.) July 24 V Notes Receivable Interest Revenue July 31 Cash Notes Receivable Interest Revenue Interest Receivable Interest Revenue Current Attempt in Progress Concord 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 $22,400. Notes Receivable include the following. During July, the following transactions were completed. July 5 Made sales of $4,800 on Concord credit cards. 14 Made sales of $600 on Visa credit cards. The credit card service charge is 3%. 20 Received payment in full from Coote Inc. on the amount due. 24 Received payment in full from Brady Co. on the amount due. Sales Revenue Cash Service Charge Expense Sales Revenue Cash Notes Receivable Interest Revenue Cash Notes Receivable Interest Revenue July 24 InterestRevenue Show the balance sheet presentation of the receivable accounts at July 31, 2022. July 5 Made sales of $4,800 on Concord credit cards. 14 Made sales of $600 on Visa credit cards. The credit card service charge is 3\%. 20 Received payment in full from Coote Inc. on the amount due. 24 Received payment in full from Brady Co. on the amount due. (a) Journalize the July transactions and the July 31 adjusting entry for accrued interest receivable. (Interest is computed using 360 days for terms expressed in 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. Round intermediate calculations to 2 decimal places, e.g. 225.25.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Discuss how investment advisors can help their behavioral clients.

Answered: 1 week ago