Farwell Company closes its books monthly. On September 30, selected ledger account balance
Farwell Company closes its books monthly. On September 30, selected ledger account balances are:
Notes Receivable include the following.
||Made sales of $6,900 on Farwell credit cards.
||Made sales of $900 on MasterCard credit cards. The credit card service charge is 3%.
||Added $460 to Farwell customer balance for finance charges on unpaid balances.
||Received payment in full from K. Goza Inc. on the amount due.
||Received notice that the Skinner note has been dishonored. (Assume that Holt is expected to pay in the future.)
Interest is computed using a 360-day year. During October, the following transactions were completed.
||K. Goza Inc.