Wildhorse Co. closes its books on its July 31 year-end. The company does not make...
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Wildhorse Co. 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 $ 24,200. Notes Receivable include the following. Date Maker Face Value Term Maturity Date Interest Rate April 21 Coote Inc. $ 4,400 90 days July 20 7% May 25 Brady Co. 7,800 60 days July 24 10% June 30 BMG Corp. 12,000 6 months December 31 6% During July, the following transactions were completed. July 5 Made sales of $ 4,270 on Wildhorse Co. credit cards. 14 Made sales of $ 500 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.
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