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Problem 9-6A (P9-6A) Mendosa Company closes its books monthly

Problem 9-6A (P9-6A) Mendosa Company closes its books monthly
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ACCOUNTING

FIN ACCT 557 (ACC 557 / ACC557)

Strayer University

Accounting Principles
Financial Accounting
Weygandt, Kieso, and Kimmel, 5th Edition

Financial Accounting

Problem 9-6A (P9-6A) Mendosa Company closes its books monthly. On September 30, selected ledger account balances are:
Notes Receivable $33,000
Interest Receivable $ 170

Notes Receivable include the following.

Date Maker Face Term Interest
Aug. 16th Chang. Inc $8,000 60 days 8%
Aug. 25th Hughey Co. $9,000 60 days 10%
Sept. 30th Skinner Corp $16,000 6 months 9%

Interest is computed using a 360-day year. During October, the following transactions were completed.

Oct 7 Made sales of $6,900 on Mendosa credit cards
12 Made sales of $900 on MasterCard Credit cards. The credit card service charge is 3%.
15 Added $460 to Mendosa customer balance for finance charges on unpaid balances
15 Received payment in full from Chang Inc. on the amount due
24 Received notice that the Hughey note has been dishonored. (assume that Hughey is expected to pay in the future)

Instructions
(a) Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable
(b) Enter the balances at October 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 October 31

 

FILE: MS WORD

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