Ivanhoe 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 $28,600. Notes Receivable include the following. Date April 21 May 25 June 30 July 5 14 20 Maker 24 Coote Inc. Brady Co. BMG Corp. Face Value $5,200 9,000 14,400 During July, the following transactions were completed. Term 90 days 60 days 6 months Made sales of $4,620 on Ivanhoe credit cards. Maturity Date July 20 July 24 December 31 Interest Rate 8% 10% Made sales of $700 on Visa credit cards. The credit card service charge is 3%. Received payment in full from Coote Inc. on the amount due. Received payment in full from Brady Co. on the amount due. 6% 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.) (List all debit entries before credit 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

can someone explain the entries for July 20-24th. Why for one entry is cash being debited and a/r for the other entry. Also what is calculated to get the entry on July 31st.

Ivanhoe Company closes its books on its July 31 year -end. The company does not make entries to acerue for interest except at its year-end. On June 30 , the Notes Recelvable account balance is $28,600. Notes Receivable include the following. During July, the following transactions were completed. July 5 Made sales of $4,620 on Ivanhoe credit cards 14 Made sales of $700 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 fult from Brady Co. on the amount due. Journalie the July transactions and the July 31 adjesting entry for accrued interestreceivable (interest is computed using 360 days) (Cmit cost of goods sold entries.) (Uiht all debit entries before credit entries. Credit account titles are duthmatioaliy indented when amount is entered, Do not indent monually. Recordjoumol entries in the order presented in the problem. If no entry is nequired, select "No Enthy" for the account titles and enter O for the amounts) Siles Revenue Cash Notes Recelvable Interest Revenue why 24 Accounts Receivble Notes Recelvable Interest Revenue wiy31 31 Interet Receivable Interest Revenue