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I need help with parts B and C. Thank you for your help. Problem 8-6A (Part Level Submission) Farwell Company closes its books monthly. On
I need help with parts B and C. Thank you for your help.
Problem 8-6A (Part Level Submission) Farwell Company closes its books monthly. On September 30, selected ledger account balances are: $37.000 Notes Receivable Interest Receivable 183 Notes Receivable include the following. Date Maker Face Term Interest $ 12,000 Aug. 16 8% K. Goza Inc. 60 days 7% Aug. 25 Holt Co. 9,000 60 days Noblitt Corp. Sept. 30 16,000 months 9% Interest computed using a 360-day year. During October, the following transactions were completed. $6,900 on Farwell credit cards. Oct, 7 Made sales 12 Made sales f $900 on MasterCard credit cards. The credit card service charge is 3%. Added $460 to Farwell customer balances for finance charges on unpaid balances Received payment in full from K. Goza Inc. on the amount due 15 24 Received notice that the Holt note has been dishonored. (Assume that Holt is expected to pay in the future.) TOur answer is correct Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Credit Date Account Titles and Explanation Debit Oct. 7 TAccounts Receivable 6,900 Sales Revenue 6,900 Oct. 12 TCash 873 Service Charge Expense 27 Sales Revenue 900 Accounts Receivable Oct. 15 460 Interest Revenue 460 Cash Oct. 15 12,160 Notes Receivable 12,000 Interest Receivable 120 40 Interest Revenue Oct. 24 Accounts Receivable 9105 Notes Receivable 9000 Interest Receivable 63 Interest Revenue 42 Oct. 31 Interest Receivable 120 Interest Revenue 120 (b) the receivable accounts. Post the entries to all of the receivable accounts. (Post entries in the order of journal entries presented in the previous part.) Enter the balances October 1 Notes Receivable Explanation Ref. Debit Credit Date Balance Balance Accounts Receivable Explanation Ref. Debit Credit Date Balance Interest Receivable Debit Credit Date Explanation Ref. Balance Balance Show the balance sheet presentation of the receivable accounts at October 31. (List Current Assets in order of liq FARWELL COMPANY Balance Sheet (Partial)Step by Step Solution
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