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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.

Oct. 7 Made sales of $6,900 on Farwell credit cards.
12 Made sales of $900 on MasterCard credit cards. The credit card service charge is 3%.
15 Added $460 to Farwell customer balance for finance charges on unpaid balances.
15 Received payment in full from K. Goza Inc. on the amount due.
24 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.

Notes Receivable $37,000
Interest Receivable 183
Date Maker Face Term Interest
Aug. 16 K. Goza Inc. $12,000 60 days 8%
Aug. 25 Holt Co. 9,000 60 days 7%
Sept. 30 Noblitt Corp. 16,000 6 months 9%

Dec 06 2019 View more View Less

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