Mendosa company closes its books monthly on september 30, Ask an Expert

Accounting

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 Change Inc. on the amount due
24 Received notice that the Hughey note has been dishonored. (assume that Hughey is expected to pay in the furture)

instructions
(a) Journalize the October transactions and the October 31 adjusting engtry for accrued interest receivable

(b) Enter the balances at October 1 in the receivable accounts. POst the entries to all of the receivable accounts.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9983843

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question -how susceptible are you to undue influence to

Question - How susceptible are you to undue influence to alter records of transactions? Do you have the strength of your convictions to stand up to a rich and powerful CEO who orders you to change the records?

Question 1set up anprofessionally formatted excel

Question: 1) Set up anprofessionally formatted Excel spreadsheet for the data provided and perform the following calculations (assume that one-time costs occur now at time zero and assume that the initial investment is t ...

Question revenue from contracts with customers

Question: Revenue From Contracts With Customers Examples Part I: For each of the scenarios determine if a contract exists by applying the 5 requirements for a contract to exist under ASC 606. 1. For each of the following ...

Question what is the principle of charity in at least a

Question: What is "The Principle of Charity"? In at least a paragraph, discuss a time that someone did not extend the principle of charity to you or that you did not extend the principle of charity to someone else. What ...

Question please respond to the followingfor this weeks

Question: Please respond to the following. For this week's collaborative activity, review Apple Inc.'s most recent financial statements. Apple's Financial Information. Based on your analysis of Apple's most recent financ ...

Question - bryant leased equipment that had a retail cash

Question - Bryant leased equipment that had a retail cash selling price of $740,000 and a useful life of five years with no residual value. The lessor paid $600,000 to acquire the equipment and used an implicit rate of 7 ...

Question discipline awareness presentationthe purpose of

Question: Discipline Awareness Presentation The purpose of this assignment is for you to become more familiar with the interests, goals, research methods, and information dissemination channels associated with the primar ...

Question - state your accounting method of choice and

Question - State your accounting method of choice and describe several types of business transactions you expect to incur. Explain how the transactions will impact your financial statements. How will the transactions inf ...

Question - for this assessment you will need to complete a

Question - For this assessment, you will need to complete a Form 1040, Form 4562, Schedule C, and Schedule SE and submit them as file uploads. The PDF forms are available here and in the assessment instructions. Jayne Sm ...

Question using finviz select four filters your choice

Question: Using FINVIZ, select four filters, (your choice). Select one of the companies from your list and using the Ratio Analysis Worksheet below, complete the financial analysis for the company using Word. Your financ ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert