Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 3 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 9.00

Marty Co

Marty Co. closes its books monthly. On June 30, selected ledger account balances are:

Notes Receivable

$57,000

Interest Receivable

420

Notes Receivable include the following.

Date

Maker

Face

Term

Interest

May 16

Rice Inc.

$12,000

60 days

10%

May 25

Smelter Co.

30,000

60 days

9%

June 30

Kupp Corp.

15,000

6 months

12%

During July, the following transactions were completed.

July 5

Made sales of $7,200 on Marty Co. credit cards.

14

Made sales of $1,000 on Visa credit cards.The credit card service charge is 3%.

14

Added $510 to Marty Co. credit card customer balances for finance charges on unpaid balances.

15

Received payment in full from Rice Inc. on the amount due.

25

Received notice that the Smelter Co. note has been dishonored. (Assume that Smelter Co. is expected to pay in the future.)

Instructions

(a) Journalize the July transactions and the July 31 adjusting entry for accrued interest receivable. (Interest is computed using 360 days.)

(b) Enter the balances at July 1 in the receivable accounts. Post the entries to all of the receivable accounts.

(c) Show the balance sheet presentation of the receivable accounts at July 31.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 05:09 PM My Price 9.00

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