Presented below are two independent situations. () On March 3, Kitselman Appliances sells $702,300 of its...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Presented below are two independent situations. (а) On March 3, Kitselman Appliances sells $702,300 of its receivables Kitselman Appliances' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Ervay Factors Inc. Ervay Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Date Account Titles Debit Credit Mar. 3 (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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit Credit May 10 Presented below are two independent situations. (а) On March 3, Kitselman Appliances sells $702,300 of its receivables Kitselman Appliances' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Ervay Factors Inc. Ervay Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Date Account Titles Debit Credit Mar. 3 (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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit Credit May 10
Expert Answer:
Related Book For
Financial accounting
ISBN: 978-1118285909
IFRS Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
Posted Date:
Students also viewed these accounting questions
-
Presented below are two independent situations. (a) On January 6, Mendenhall Co. sells merchandise on account to Miles Inc. for $9,000, terms 2/10, n/30. On January 16, Miles Inc. pays the amount...
-
Presented below are two independent transactions. (a) Ryans Restaurant accepted a Visa card in payment of a $150 lunch bill. The bank charges a 4% fee. What entry should Ryans make? (b) Shultz...
-
Presented below are two independent situations. 1. Chicory Cosmetics acquired 15% of the 200,000 shares of common stock of Racine Fashion at a total cost of $13 per share on March 18, 2012. On June...
-
A palindrome is a string that is the same backward as it is forward. For example,tot and otto are rather short palindromes. Write a program that lets a user enter a string and that passes to a bool...
-
The following data are the number of cars passing a point on a highway per minute: 10, 12, 11, 19, 22, 21, 23, 22, 24, 25, 23, 21, 28, 26, 27, 27, 29, 26, 22, 28, 30, 32, 25, 37, 34, 35, 62 Construct...
-
Explain the order of water solubilities for the compounds in each of the following groups, (a) Ethanol > chloroethane > ethane; (b) Methanol > ethanol > 1-propanol.
-
Choose a product and sell it using the FAB methodology.
-
The financial statements of P&G are presented in Appendix B. The companys complete annual report, including the notes to the financial statements, is available online. Instructions Refer to P&Gs...
-
What are the key mechanisms through which organizational culture is transmitted and sustained across generations of employees ?
-
A firm needs to fully satisfy the demand, which is fixed to 900 units and generates unit revenue of $10. However, its production is subject to the random yield. That is, only a random percentage of...
-
The following independent examples provide a demonstration on how gross earnings would be calculated: A) Shannon Jackson works for an employer that pays on a weekly pay cycle and she earns the...
-
What are the four primary functions of an administrative agency? Explain which of those functions you would give your newly-formed agency. How would you give the agency the necessary authorities? If...
-
What strategies are being used by unions and other labor organizations to revitalize the labor movement and improve conditions for workers? In your opinion, which approach or approaches are most...
-
What role does social media play during crisis communication?
-
What is "nonverbal communication" and offer an example of a nonverbal signal and what it may communicate.
-
Do you want to be considered an appreciating and valuable asset or a cost to be minimized - or both? How does this fit into strategic workforce planning?
-
Consider a framework of choice under uncertainty where insurance is offered to mitigate the potential loss of income an individual would face in the bad state of the world, and where there are...
-
The liquidliquid extractor in Figure 8.1 operates at 100F and a nominal pressure of 15 psia. For the feed and solvent flows shown, determine the number of equilibrium stages to extract 99.5% of the...
-
The comparative statements of Villa Tool Company are presented below and on the shown below. Instructions Compute the following ratios for 2012. (Weighted-average ordinary shares in 2012 were 57,000,...
-
Using the following data from the comparative statements of financial position of Rodenbeck Company, illustrate horizontalanalysis. December 31, 2012 Accounts receivable Inventory Total assets...
-
Recife Company completed its first year of operations on December 31, 2011. Its initial income statement showed that Recife had revenues of R$192,000 and operating expenses of R$78,000. Accounts...
-
Problem Decide whether the sampling method is independent or dependent. Then determine whether the response variable is qualitative or quantitative. (a) Joliet Junior College decided to implement a...
-
Using the data from Table 2, construct a \(95 \%\) confidence interval estimate of the mean difference, \(\mu_{d}\). By Hand Approach Step 1 Compute the differenced data. Because the sample size is...
-
In the Spacelab Life Sciences 2 payload, 14 male rats were sent to space. Upon their return, the red blood cell mass (in milliliters) of the rats was determined. A control group of 14 male rats was...
Study smarter with the SolutionInn App