Question: please explain why so i fully understand, thank you. On October 1, 2020, Oriole Company sells (factors) $703000 of receivables to Milago Factors, Inc. Milago

please explain why so i fully understand, thank you.

On October 1, 2020, Oriole Company sells (factors) $703000 of receivables to Milago Factors, Inc. Milago assesses a service charge of 3% of the amount of receivables sold. The journal entry to record the sale by Oriole will include a debit of $724090 to Cash O a debit of $703000 to Accounts Receivable. O a debit of $21090 to Service Charge Expense. O a credit of $724090 to Cash

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

The plan of a flexible rectangular loaded area is shown in Figure 10.55. The uniformly distributed load on the flexible area, a, is 100 kN/m 2 . Determine the increase in the vertical stress, z , at...

On October 1, 2020, Marigold Company sells (factors) $692000 of receivables to Milago Factors, Inc. Milago assesses a service charge of 3% of the amount of receivables sold. The journal entry to...

ates ents View Policies Current Attempt in Progress On October 1, 2020, Sheridan Company sells (factors) $694000 of receivables to Milago Factors, Inc. Milago assesses a service charge of 3% of the...

On October 1, 2020, Bramble Company sells (factors) $712000 of receivables to Milago Factors, Inc. Milago assesses a service charge of 3% of the amount of receivables sold. The journal entry to...

34. Maine Corporation's unadjusted trial balance includes the following baiances cassume hormal balances). Accounts Receivable Allowance for Doubtful Accounts $850,000 Bad debts are estimated to be...

On October 1, 2020, Coronado Company sells (factors) $696000 of receivables to Milago Factors, Inc. Milago assesses a service charge of 3% of the amount of receivables sold. The journal entry to...

answers only asap 1)The net income of the Chris and Browning partnership is $440000. The partnership agreement specifies that Chris and Browning have a salary allowance of $125000 and $171000,...

Using the percentage-of-receivables method for recording bad debts expense, estimated uncollectible accounts are $32700. If the balance of the Allowance for Doubtful Accounts is $7660 debit before...

Can you please show how you arrived at each answer too, thank you so much ACC 114 Review Questions 1) A plant asset was purchased on January 1 for $73000 with an estimated salvage value of $10000 at...

Please help me with the questions below. Thank you! Answer the questions below for this year and last year, using your SEC 10-K: Link to SEC...

Please write it from the case i send it until 2013 The fall case in the photos Written Strategic Audit for (Tesla) I. Current Situation A. Current Performance B. Strategic Posture II. Strategic...

The typical temperature of plasma electrons used in semiconductor processing is 10ev >100ev >1MEV

The report Credit Card Statistics, Industry Facts, Debt Statistics (creditcards.com) summarizes a survey of college undergraduates. Each person in a sample of students was asked about his or her...

y ' = y 2 c o s ( x ) , ; , y ( 0 ) = 1

The hollow tube is pivoted about a horizontal axis through point O and is made to rotate in the vertical plane with a constant counterclockwise angular velocity = 3 rad /sec. If a 0.2-lb particle is...

Given the series RLC circuit in fig 11.36 if R=10ohm , find the values of L and C such that the network will have a resonant frequency of 100 kHz and a bandwidth of 1kHz. wW V(t)

Computational metrology deals with algorithms for measuring things, such as manufactured parts, and one of the standard algorithms is to determine the flatness of an edge of a manufactured part based...

Describe some bargaining interaction your company has with another entity (firms producing complementary or substitute products, upstream suppliers, or downstream customers), or between internal...

Using Exhibit 28.4 as a guide, describe the computation of a fiduciary entitys accounting income, taxable income, and distributable net income. Exhibit 28.4 EXHIBIT 28.4 Accounting Income,...

what are the basic steps in case history with example

1. Identify examples of mind reading, and describe their impact on Marthas and Andys discussion. Apply what youve learned in this chapter by analyzing the following case study, using the accompanying...

6. As a class, identify ways in which faculty at your school confi rm and disconfi rm students. Be specifi c in naming particular types of communication (and examples) that are confi rming and...

4. How often do you use exit, voice, loyalty, and neglect responses to confl ict? What are the effects?