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Milton Company closes its books on its July 31...

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Accounting

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Milton Company 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 $23,800. Notes Receivable includes the following. April 21 Soote Inc. May 25 Brady Co June 30 BMG Corp $6,000 90 days July 20 7,800 60 days July 24 10,000 6 months December 31 8% 10% 696 During July, the following transactions were completed July 5 Made sales of $4,500 on Milton Company credit cards. 14 Made sales of $600 on visa credit cards. The credit card service charge is 3%. Received payment in full from Coote Inc. on the amount due. 24 20 Received payment in full from Brady Co. on the amount due. Enter the balances at Juhy 1 in the receivable accounts and post the entries to al of the receivabie accounts. (Post entries the order of journal entries posted in the previous part.) eivable Accounts Recelvable Interest Receivable

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