Question: Presented below are two independent situations. a) On March 3, Kitselman Appliances sells $702, 300 of its receivables to Ervay Factors Inc. Ervay Factors assesses

Presented below are two independent situations. a) On March 3, Kitselman

Presented below are two independent situations. a) On March 3, Kitselman Appliances sells $702, 300 of its receivables to Ervay Factors Inc. Ervay Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman Appliances' books to record the sale of the receivables. b) On May 10, Fillmore Company sold merchandise for $11, 600 and accepted the customer's America Bank MasterCard. America Bank charges a 4% service charge for credit card sales. Prepare the entry on Fillmore Company's books to record the sale of merchandise

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!

Investors usually consider a variety of information to make investment decisions. The accompanying table displays a sample of large publicly traded corporations and their financial information....

Presented below are two independent situations. (a) On March 3, Kitselman Appliances sells $ 667,200 of its receivables to Blossom Inc. Blossom assesses a finance charge of 3% of the amount of...

Presented below are two independent situations. (a) On March 3, Kitselman Appliances sells $723,600 of its receivables to Pina Inc. Pina assesses a finance charge of 3% of the amount of receivables...

i need solution please E9-7 Presented below are two independent situations. (a) On March 3, Kitselman Appliances sells $650,000 of its receivables to Ervay Factors Inc. Ervay Factors assesses a...

Exercise 8-7 Presented below are two independent situations. (a) On March 3, Kitselman Appliances sells $624,000 of its receivables to Ervay Factors Inc. Ervay Factors assesses a finance charge of 1%...

E9-7 Presented below are two independent situations. (a) On March 3, Kitselman Appliances sells $650,000 of its receivables to Ervay Factors ofacoa Journa Inc. Ervay Factors assesses a finance charge...

Hey guys, I need a deep explanation ( with details ) for this question please, thank u - JUC 12, 2010. 9. Presented below are two independent situations. a) On March 3, Kitselman Appliances sells...

guys I need explanation not just solving Please, I posted this question more than 5 times! Please explain it to me. Thank you I don't want the answer without explanation pleeaaassseeeeee - JUC 14,...

Presented Below are two Independent situations. (a) On March 3, Kitselman Appliances sells $605, 700 of its receivables to Ervay factors Inc. Ervay Factors assesses a finance charge of 3% of the...

Exercise 8-7 Presented below are two independent situations. (a) On March 3, Kitselman Appliances sells $667,200 of its receivables to Ervay Factors Inc. Ervay Factors assesses a finance charge of 3%...

A sample survey of 54 discount brokers showed that the mean price charged for a trade of 100 shares at $50 per share was $33.77 and a sample standard deviation of $15. a)Develop a 95% confidence...

For what values of is e ax cos x dx convergent? Evaluate the integral for those values of a.

Negative amortization is a practice whereby borrowers simply choose not to pay their mortgage allowing the home to be foreclosed on . Group of answer choices True False

3 . What means can firms use to alleviate this lack of sensitivity amongst international managers and the high failure rate of expatriate assignments and negotiations?

Although benefits account for a large share of employee compensation, many feel there is little evidence on whether an employer receives an adequate return on the benefits investment. One suggestion...

Your company, like many others, is experiencing doubledigit percentage increases in health care costs. What suggestions can you offer that may reduce the rate of cost increases?