Show the balance sheet presentation of the receivable accounts at October 31Ente
ID: 2498600 • Letter: S
Question
Show the balance sheet presentation of the receivable accounts at October 31Enter the balances at October 1 in the receivable accounts. Post the entries to all of the receivable accounts
Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable.Farwell Company closes its books monthly. On September 30, selected ledger account balances are:
Notes Receivable include the following.
Date
Maker
Face
Term
Interest
Interest is computed using a 360-day year. During October, the following transactions were completed.
Received notice that the Holt note has been dishonored. (Assume that Holt is expected to pay in the future.)
Notes Receivable $36,000 Interest Receivable 243Explanation / Answer
Journal Entries :
a) Oct. 7 - Accounts Receivable $6900
To Sales $6900
b) Oct. 12 - Cash $873
Service charges $27
To Sales $900
c) Oct. 15 - Interest Receivable $460
To Interest Reversal $460
d) Oct. 15 - Cash $8106.67
To Notes Receivable $8000
To Interest Reversal $106.67
e) Oct. 24 - Accounts receivable - Holt co. $9150
To Notes Receivable $9000
To Interest Reversal $150
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.