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Kingbird, Inc. closes its books on its July 31 year-end. The company does not make...

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Accounting

Kingbird, Inc. closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $ 26,600. Notes Receivable include the following.

Date

Maker

Face Value

Term

Maturity Date

Interest Rate

April 21

 Coote Inc. $ 5,600 90 days July 20 8%

May 25

 Brady Co. 9,000 60 days July 24 10%

June 30

 BMG Corp. 12,000 6 months December 31 8%

During July, the following transactions were completed.

July 5 Made sales of $ 4,850 on Kingbird, Inc. credit cards.
14 Made sales of $ 800 on Visa credit cards. The credit card service charge is 3%.
20 Received payment in full from Coote Inc. on the amount due.

24 Received payment in full from Brady Co. on the amount due. Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Post entries in the order of journal entries posted in the previous part.)

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