Consider these transactions: (a) Draber Restaurant accepted a Visa card in payment of a $200 lunch bill.

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Consider these transactions:
(a) Draber Restaurant accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Draber make?
(b) Marin Company sold its accounts receivable of $65,000. What entry should Marin 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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Accounting Tools for Business Decision Making

ISBN: 978-1118128169

5th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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