I think I figured out how to enter the journal entries correctly. However, I am struggling with parts (B) & (C). Any help would be much appreciated!
ACC-255_Course-Hero-HELP - Saved to this PC Search Draw Design Layout References Mailings Review View Help Calibri (Body) + 11 ~ A A Aa Ap AaBbCcDd AaBbCcDd AaBb BIU - ab x X A- DA~ 1 Normal 1 No Spac... Headin Font Paragraph X. . . .. . Indigo Corporation closes its books on its July 31 year-end. The company does not make entries to B accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is Enter the balances $29,400. Notes Receivable include the following. order of journal ent Date Maker Face Value Term Maturity Date Interest Rate April 21 Coote Inc. $6,000 90 days July 20 May 25 Brady Co. 9.000 60 days July 24 10% June 30 BMG Corp. 14.400 6 months December 31 During July, the following transactions were completed July 5 Made sales of $4,800 on Indigo Corporation credit cards. 14 Made sales of $500 on Visa credit cards. The credit card service charge is 59%. 20 Received payment in full from Coote Inc. on the amount due. 24 Received payment in full from Brady Co. on the amount due. (c) Show the balance A) 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 occount titles are automatically indented mount is entered. Do not Indent partially Record journal entries in the order prevented in the problem.) Current Assets Date Account Titles and Explanation Debit credit Accounts Receivable 4800 Accounts Receival Sales Reven forest Roccivahl aly 14 Cash 475 Tenal Receivables Service Charge Expense 25 eTextbook and Jy 20 List of Accounts Interest Revenue Notes Receivable Cash 9130 Save for Later Last s Interest Revenue Notes Rece By 31 Interest Receivable 576 Interest Revenue English (United States) to search O WShar aBbCcDd AaBbCcDd AaBbC( AaBbCct Aa B AaBbCCD AaBbCcDd AaBbCcDd Find 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... Emphasis Replace Select Styles Editing 1 . . . 1 . . . . . 1 . . . 1 . . . 1 . . . 2 . . . 1 . . . 3 . . . 1 . . - 7 . . . Enter the balances at July 1 in the receiv order of journal entries posted in the previous port!) (Post entries in the Notes Receivable (C Show the balance sheet presentation of the receivable accounts at July 31 Indigo Corporation Balance Sheet (Partial July 31, 201X Current Assets Notes Receivable Accounts Receivable Interest Receivable Total Receivables eTextbook and Media List of Accounts Save for Later Last saved 2 days ago Attempts: 0 of 3 used Focus W ENG