Presented below are two independent transactions. (a) St. Pierre Restaurant accepted a Visa card in payment of
Question:
(a) St. Pierre Restaurant accepted a Visa card in payment of a $150 lunch bill. The bank charges a 4% fee. What entry should St. Pierre make?
(b) Jamar Company sold its accounts receivable of $60,000.What entry should Jamar make, given a service charge of 3% on the amount of receivables sold?
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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a Cash 150 6 144 Service Charge E...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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