Wildhorse Co. closes its books on its July 31 year-end. The company does not make...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Wildhorse Co. 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 $ 24,200. Notes Receivable include the following. Date Maker Face Value Term Maturity Date Interest Rate April 21 Coote Inc. $ 4,400 90 days July 20 7% May 25 Brady Co. 7,800 60 days July 24 10% June 30 BMG Corp. 12,000 6 months December 31 6% During July, the following transactions were completed. July 5 Made sales of $ 4,270 on Wildhorse Co. credit cards. 14 Made sales of $ 500 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 full from Brady Co. on the amount due.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
