Xanti Company has the following accounts receivable in its general ledger at July 31: Accounts Receivable $40,000.
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Question:
Xanti Company has the following accounts receivable in its general ledger at July 31: Accounts Receivable $40,000. During August, the following transactions occurred.
Aug. 1 | Added 1% finance charges to $15,000 of credit card balances for not paying within the 30 day grace period. |
Aug. 15 | Sold $25,000 of accounts receivable to Fast Factors Inc. who charge a 2% commission. |
Aug. 28 | Collected $7,000 from Horton credit card customers including $350 of finance charges previously billed. |
Required: Journalize these transactions.
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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