Home / Questions / 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% |
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