Blossom 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, the Notes Receivable account balance is $22,000. Notes Receivable include the following. Date April 21 May 25 June 30 July 5 14 20 Maker 24 Coote Inc. Brady Co. BMG Corp. Face Value $4,000 7,200 During July, the following transactions were completed. 10,800 Term 90 days 60 days 6 months Maturity Date July 20 July 24 December 31 Interest Rate Made sales of $4,140 on Blossom credit cards. Made sales of $400 on Visa credit cards. The credit card service charge is 3%. Received payment in full from Coote Inc. on the amount due. Received payment in full from Brady Co. on the amount due. 8% 9% 6%
Blossom 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, the Notes Receivable account balance is $22,000. Notes Receivable include the following. Date April 21 May 25 June 30 July 5 14 20 Maker 24 Coote Inc. Brady Co. BMG Corp. Face Value $4,000 7,200 During July, the following transactions were completed. 10,800 Term 90 days 60 days 6 months Maturity Date July 20 July 24 December 31 Interest Rate Made sales of $4,140 on Blossom credit cards. Made sales of $400 on Visa credit cards. The credit card service charge is 3%. Received payment in full from Coote Inc. on the amount due. Received payment in full from Brady Co. on the amount due. 8% 9% 6%
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![Blossom 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, the Notes Receivable account balance is $22,000. Notes Receivable include the following.
Date
April 21
May 25
June 30
July 5
14
20
Maker
24
Coote Inc.
Brady Co.
BMG Corp.
Face Value
$4,000
7,200
During July, the following transactions were completed.
10,800
Term
90 days
60 days
6 months
Maturity Date
July 20
July 24
December 31
Interest Rate
Made sales of $4,140 on Blossom credit cards.
Made sales of $400 on Visa credit cards. The credit card service charge is 3%.
Received payment in full from Coote Inc. on the amount due.
Received payment in full from Brady Co. on the amount due.
8%
9%
6%](https://content.bartleby.com/qna-images/question/a7967b52-7f4c-4439-8a86-e97f68320435/a0634030-aa6e-474a-8cb6-afad186f6f8f/rpt09h8_thumbnail.jpeg)
Transcribed Image Text:Blossom 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, the Notes Receivable account balance is $22,000. Notes Receivable include the following.
Date
April 21
May 25
June 30
July 5
14
20
Maker
24
Coote Inc.
Brady Co.
BMG Corp.
Face Value
$4,000
7,200
During July, the following transactions were completed.
10,800
Term
90 days
60 days
6 months
Maturity Date
July 20
July 24
December 31
Interest Rate
Made sales of $4,140 on Blossom credit cards.
Made sales of $400 on Visa credit cards. The credit card service charge is 3%.
Received payment in full from Coote Inc. on the amount due.
Received payment in full from Brady Co. on the amount due.
8%
9%
6%
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