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Manatee Company closes its books monthly. On September 30, selected ledger account balances are:
Notes Receivable $96,000
Interest Receivable 438

Notes Receivable include the following.

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Date Maker Face Term Interest
Aug. 16 M. Bear Inc. $18,000 60 days 12%
Aug. 25 Pope Co. 12,000 60 days 14%
Sept. 30 Quackers Corp. 66,000 6 months 13%

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

Oct. 7 Made sales of $7,580on Manatee credit cards.
12 Made sales of $1,400on MasterCard credit cards. The credit card service charge is2%.
15 Added $540to Manatee customer balance for finance charges on unpaid balances.
15 Received payment in full from M. Bear Inc. on the amount due.
24 Received notice that the Pope note has been dishonored. (Assume that Pope is expected to pay in the future.)
(a)

Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.)

Date Account Titles and Explanation Debit Credit
Oct. 7
Oct. 12
Oct. 15
Oct. 15
Oct. 24
Oct. 31
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