it 2 Lab
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Question 10 of 10
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0.75/10
Novak 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, 2027, the Notes Receivable account balance is $24,000. Notes Receivable include the following.
Date
Maker
Face Value
Term
Maturity Date
Interest Rate
April 21
Coote Inc.
$4,800
90 days
July 20
6%
May 25
Brady Co.
9,000
60 days
July 24
8%
June 30
BMG Corp.
10,200
6 months
December 31
4%
During July, the following transactions were completed.
July 5
Made sales of $4,500 on Novak credit cards.
14
Made sales of $600 on Visa credit cards. The credit card service charge is 4%.
20
Received payment in full from Coote Inc. on the amount due.
24
Received payment in full from Brady Co. on the amount due.
(a)
