Mendosa Company closes its books monthly. On September 30, selected ledger accou
ID: 2389535 • Letter: M
Question
Mendosa Company closes its books monthly. On September 30, selected ledger account balances are:Notes receivable $36,100
Interest receivable $196
Notes Receivable include the following.
Date
Maker
Face
Term
Interest
Aug. 16 Chang Inc. $9,010 60 days 9%
Aug. 25 Hughey Co. 9,510 60 days 10%
Sept. 30
Skinner Corp. 17,580 6 months 10%
Interest is computed using a 360-day year. During October, the following transactions were completed.
Oct. 7 Made sales of $6,940 on Mendosa credit cards.
12 Made sales of $940 on MasterCard credit cards. The credit card service charge is 3%.
15 Added $530 to Mendosa customer balance for finance charges on unpaid balances.
15 Received payment in full from Chang Inc. on the amount due.
24 Received notice that the Hughey note has been dishonored. (Assume that Hughey is expected to pay in the future.)
Explanation / Answer
you did not ask to find anything in this 17800