Exercise 8-7 Presented below are two independent situations. On March 3, Kitselman Appliances sells $763,800 of its rece...
Exercise 8-7
Presented below are two independent situations. On March 3, Kitselman Appliances sells $763,800 of its receivables to Ervay Factors Inc. Ervay Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman Appliances’ books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
On May 10, Fillmore Company sold merchandise for $14,800 and accepted the customer’s America Bank MasterCard. America Bank charges a 4% service charge for credit card sales. Prepare the entry on Fillmore Company’s books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Homework Answers
| Debit | Credit | |||
| Mar 3 | Cash | 740886 | ||
| Service Charge Expense | 22914 | =763800*3% | ||
| Accounts Receivable | 763800 | |||
| May 10 | Cash | 14208 | ||
| Service Charge Expense | 592 | =14800*4% | ||
| Sales Revenue | 14800 |
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Exercise 8-7 Presented below are two independent situations. On March 3, Kitselman Appliances sells $763,800 of its rece...
Weygandt, Financial Accounting, 10e FINANCIAL ACCOUNTING (ACCT 100/ BU Grace Period: 2 days left Regist Assignment...
Weygandt, Financial Accounting, 10e FINANCIAL ACCOUNTING (ACCT 100/ BU Grace Period: 2 days left Regist Assignment Gradebook ORION Downloadable eTextbook int CALCULATOR FULL SCREEN PRINTER VERSION «Аск On March 3, Kitselman Appliances sells $774,300 of its receivables to Monty Inc. Monty assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman Appliances' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent...
How did we answer this question? JURC 12, ZUIO. 89.7 Presented below are two independent situations....
How did we answer this question?
JURC 12, ZUIO. 89.7 Presented below are two independent situations. On March 3, Kitselman Appliances sells $650,000 of its receivables to Ervay Factors Inc. Ervay Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman Appliances' books to record the sale of the receivables. (b) on May 10, Fillmore Company sold merchandise for $3,000 and accepted the cus- tomer's America Bank MasterCard, America Bank charges a...
On March 3, Shamrock, Inc. sells $682,900 of its receivables to Western Factors Inc. Western Factors Inc. assesses a se...
On March 3, Shamrock, Inc. sells $682,900 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 6% of the amount of receivables sold. Prepare the entry on Shamrock, Inc. books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3
On March 3, Tamarisk, Inc. sells $691,0000 of its receivables to Western Factors Inc. Western Factors...
On March 3, Tamarisk, Inc. sells $691,0000 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 5% of the amount of receivables sold. Prepare the entry on Tamarisk, Inc.' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Date Account Titles and Explanation Debit Mar. 3 Click if vou would like to Show Work for this qwestion: Open Show Work
--/1 Question 4 View Policies Current Attempt in Progress On March 3, Sweet Acacia Industries sells $764,900 of its rec...
--/1 Question 4 View Policies Current Attempt in Progress On March 3, Sweet Acacia Industries sells $764,900 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 6% of the amount of receivables sold. Prepare the entry on Sweet Acacia Industries' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3
please help with this accounting question! Question 11 View Policies Current Attempt in Progress On March...
please help with this accounting question!
Question 11 View Policies Current Attempt in Progress On March 3, Oriole Company sells $736,600 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold Prepare the entry on Oriole Company books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3...
Exercise 8-8 Presented below are two independent situations. On Apri...
Exercise 8-8
Presented below are two independent situations.
On April 2, Jennifer Elston uses her JCPenney Company credit
card to purchase merchandise from a JCPenney store for $1,000. On
May 1, Elston is billed for the $1,000 amount due. Elston pays $700
on the balance due on May 3. On June 1, Elston receives a bill for
the amount due, including interest at 1.0% per month on the unpaid
balance as of May 3. Prepare the entries on JCPenney Co.’s...
Question 11 View Policies Current Attempt in Progress On March 3, Indigo Corporation sells $654,300 of its receivab...
Question 11 View Policies Current Attempt in Progress On March 3, Indigo Corporation sells $654,300 of its receivables to Western Factors Inc Western Factors Inc, assesses a service charge of 4% of the amount of receivables sold Prepare the entry on Indigo Corporation books to record the sale of the receivables. (Credit occount titles are automatically indented when amount is entered Do not inden manuel Date Account Titles and Explanation Debit Credit Mar. 3 @ 303 eTextbook and Media List...
Kimmel, Financial Accounting, be Help System Announcements CALCULATOR PRINTER VERSION BACK Exercise 8-8 On May 10,...
Kimmel, Financial Accounting, be Help System Announcements CALCULATOR PRINTER VERSION BACK Exercise 8-8 On May 10, Coronado Industries sold merchandise for $31,000 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account, Best Business Bank charges a 3.3% service charge for credit card sales. Prepare the entry on Coronado Industries's books to record the sale of merchandise. (Credit account titles are automatically indented...
Current Attempt in Progress On May 10, Tamarisk, Inc. sold merchandise for $6,000 and accepted the...
Current Attempt in Progress On May 10, Tamarisk, Inc. sold merchandise for $6,000 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 4.10% service charge for credit card sales. Prepare the entry on Tamarisk, Inc.'s books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date...
Weygandt, Financial Accounting, 10e FINANCIAL ACCOUNTING (ACCT 100/ BU Grace Period: 2 days left Regist Assignment Gradebook ORION Downloadable eTextbook int CALCULATOR FULL SCREEN PRINTER VERSION «Аск On March 3, Kitselman Appliances sells $774,300 of its receivables to Monty Inc. Monty assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman Appliances' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent...
How did we answer this question?
JURC 12, ZUIO. 89.7 Presented below are two independent situations. On March 3, Kitselman Appliances sells $650,000 of its receivables to Ervay Factors Inc. Ervay Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman Appliances' books to record the sale of the receivables. (b) on May 10, Fillmore Company sold merchandise for $3,000 and accepted the cus- tomer's America Bank MasterCard, America Bank charges a...
On March 3, Shamrock, Inc. sells $682,900 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 6% of the amount of receivables sold. Prepare the entry on Shamrock, Inc. books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3
On March 3, Tamarisk, Inc. sells $691,0000 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 5% of the amount of receivables sold. Prepare the entry on Tamarisk, Inc.' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Date Account Titles and Explanation Debit Mar. 3 Click if vou would like to Show Work for this qwestion: Open Show Work
--/1 Question 4 View Policies Current Attempt in Progress On March 3, Sweet Acacia Industries sells $764,900 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 6% of the amount of receivables sold. Prepare the entry on Sweet Acacia Industries' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3
please help with this accounting question!
Question 11 View Policies Current Attempt in Progress On March 3, Oriole Company sells $736,600 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold Prepare the entry on Oriole Company books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3...
Exercise 8-8
Presented below are two independent situations.
On April 2, Jennifer Elston uses her JCPenney Company credit
card to purchase merchandise from a JCPenney store for $1,000. On
May 1, Elston is billed for the $1,000 amount due. Elston pays $700
on the balance due on May 3. On June 1, Elston receives a bill for
the amount due, including interest at 1.0% per month on the unpaid
balance as of May 3. Prepare the entries on JCPenney Co.’s...
Question 11 View Policies Current Attempt in Progress On March 3, Indigo Corporation sells $654,300 of its receivables to Western Factors Inc Western Factors Inc, assesses a service charge of 4% of the amount of receivables sold Prepare the entry on Indigo Corporation books to record the sale of the receivables. (Credit occount titles are automatically indented when amount is entered Do not inden manuel Date Account Titles and Explanation Debit Credit Mar. 3 @ 303 eTextbook and Media List...
Kimmel, Financial Accounting, be Help System Announcements CALCULATOR PRINTER VERSION BACK Exercise 8-8 On May 10, Coronado Industries sold merchandise for $31,000 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account, Best Business Bank charges a 3.3% service charge for credit card sales. Prepare the entry on Coronado Industries's books to record the sale of merchandise. (Credit account titles are automatically indented...
Current Attempt in Progress On May 10, Tamarisk, Inc. sold merchandise for $6,000 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 4.10% service charge for credit card sales. Prepare the entry on Tamarisk, Inc.'s books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date...
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