Notes receivable $36100 Interest receivable $196 Notes Receivable include the following.
Date
Maker
Face
Term
Interest Aug. 16 Chang Inc. $9010 60 days 9%
Aug. 25 Hughey Co. 9510 60 days 10%
Sept. 30
Skinner Corp. 17580 6 months 10%
Interest is computed using a 360-day year. During October the following transactions were completed. Oct. 7 Made sales of $6940 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.)