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Problem 9-6A Farwell Company closes its books monthly. On September 30, selected ledger account balances are: Notes Receivable $46,800 Interest Receivable 303 Notes Receivable include

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Problem 9-6A Farwell Company closes its books monthly. On September 30, selected ledger account balances are: Notes Receivable $46,800 Interest Receivable 303 Notes Receivable include the following. Maker Date Face Term Interest 15,600 60 days 10% Aug. 16 K. Goza Inc. 9% 12,000 60 days Aug. 25 Holt Co Sept. 30 11% Noblitt Corp 19,200 6 months Interest is computed using a 360-day year. During October, the following transactions were completed. Oct. 7 Made sales of $6,700 on Farwell credit cards 12 Made sales of $900 on MasterCard credit cards. The credit card service charge is 2%. 15 Added $460 to Farwell customer balances for finance charges on unpaid balances. 15 Received payment in full from K. Goza Inc. on the amount due. 24 Received notice that the Holt note has been dishonored. (Assume that Holt is expected to pay in the future.)

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