On July 31, Konrad International had $125,900 of accounts receivable. Prepare journal entries to record the following
Question:
2014
Aug. 2 Sold merchandise to customers on credit, $6,295. Cost of sales was $3,150.
7 Sold $18,770 of accounts receivable to Fidelity Bank. Fidelity charges a 1.5% fee.
15 Received payments from customers, $3,436
25 Borrowed $10,000 from Fidelity Bank, pledging $14,000 of accounts receivable as security for the loan Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... 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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Aug 2 Accounts Receivable 629500 Sales 629500 To record sales on cred...View the full answer
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Related Book For 
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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