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Problem 9-06A a-c Wildhorse Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at
Problem 9-06A a-c Wildhorse 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 $22,400. Notes Receivable include the following. Date Maker Face Value Term Interest Rate Coote Inc. April 21 May 25 7% Maturity Date July 20 July 24 $6,800 6,000 9,600 90 days 60 days Brady Co. 9% June 30 BMG Corp. 6 months December 31 5% During July, the following transactions were completed. July 5 14 Made sales of $5,200 on Wildhorse credit cards. Made sales of $800 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. 20 24 Notes Receivable Accounts Receivable Interest Receivable Show the balance sheet presentation of the receivable accounts at July 31. Wildhorse Balance Sheet (Partial) $ $
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