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

Question P9-6A

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

Notes receivable

$33,000

Interest receivable

$170

Notes Receivable include the following.

Date

Maker

Face

Term

Interest

Aug. 16

Chang Inc.

$8,000

60 days

8%

Aug. 25

Hughey Co.

  9,000

60 days

10%

Sept. 30

Skinner Corp.

16,000

6 months

9%

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

Oct.

7

Made sales of $6,900 on Mendosa credit cards.

 

12

Made sales of $900 on MasterCard credit cards. The credit card service charge is 3%.

 

15

Added $460 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.)

 



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