Problem 8-8A (Part Level Submission)

Kolton 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		Booth Inc.		$5,200		90 days		July 20		9%
May 25		Manning Co.		8,400		60 days		July 24		10%
June 30		ANF Corp.		12,000		6 months		December 31		6%

During July, the following transactions were completed.

July 5		Made sales of $5,100 on Kolton credit cards.
14		Made sales of $900 on Visa credit cards. The credit card service charge is 4%.
20		Received payment in full from Booth Inc. on the amount due.
24		Received payment in full from Manning Co. on the amount due.

(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