Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. kingbird, inc. closes its books on its july 31 yea

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

50.1K

Verified Solution

Question

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.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students