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Adjusting entry for accrued interest receivable

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Reference no: EM13488678

Manatee Company closes its books monthly. On September 30, selected ledger account balances are:

Notes Receivable
$96,000
Interest Receivable
438

Notes Receivable include the following.

Date
Maker
Face
Term
Interest
Aug. 16
M. Bear Inc.
$18,000
60 days
12%
Aug. 25
Pope Co.
12,000
60 days
14%
Sept. 30
Quackers Corp.
66,000
6 months
13%

Interest is computed using a 360-day year. During October, the following transactions were completed.

Oct.

7 Made sales of $7,580on Manatee credit cards.
12 Made sales of $1,400on MasterCard credit cards. The credit card service charge is2%.
15 Added $540to Manatee customer balance for finance charges on unpaid balances.
15 Received payment in full from M. Bear Inc. on the amount due.
24 Received notice that the Pope note has been dishonored.

Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable.

Reference no: EM13488678

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