Metlock 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 $25,600. Notes Receivable include the following. Date Maker Face Value Term Maturity Date Interest Rate April 21 Coote Inc. $6,000 90 days July 20 8% May 25 Brady Co. 7,200 60 days July 24 10% June 30 BMG Corp. 12,400 6 months December 31 6% During July, the following transactions were completed. July 5 Made sales of $5,000 on Metlock credit cards. 14 Made sales of $700 on Visa credit cards. The credit card service charge is 2%. 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) Your answer is partially correct. 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.) Date Account Titles and Explanation Debit Credit July 5 Accounts Receivable 5000 Sales Revenue July 14 cash 679 Service Charge Expense 21 Sales Revenue July 20 Cash 6120 Interest Revenue Notes Receivable July 24 Cash Interest Revenue Notes Receivable July 31 Interest Receivable Interest Revenue e Textbook and Media List of Accounts Save for Later Attempts: 3 of 5 used Submit Answer (b) 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.) Notes Receivable Accounts Receivable Interest Receivable e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer (c) Show the balance sheet presentation of the receivable accounts at July 31, 2022. Metlock Balance Sheet (Partial) V $ $