Prepare entries for various credit card and notes receivable transactions.
Anping Enterprises 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 NTS23.800 (amounts in thousands). Notes Receivable includes the following.
During July, the following transactions were completed.
a. Journalize the July transactions and the July 31 adjusting entry for accrued interest receivable. (Interest is computed using 360 days; omit cost of goods sold entries.)
b. Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Use T-accounts.)
c. Show the statement of financial position presentation of the receivable accounts at July 31.
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