Record journal entries for the following transactions: July 1 Company A sold to B merchandise having...
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Record journal entries for the following transactions: July 1 Company A sold to B merchandise having a sales price of $8,000 with terms 2/10, net/60. Company A records its sales and receivables under the gross method. July 2 Company A assigns its accounts receivable of C from last month's transaction to Credit Corp. for a $5,000 loan due Sept 1. Credit Corp assesses a finance charge of 5% of the loan amount and interest on the note of 10%. July 9 Company A collected payment from B. Sept 2 Company A paid off the loan. Record journal entries for the following transactions: July 1 Company A sold to B merchandise having a sales price of $8,000 with terms 2/10, net/60. Company A records its sales and receivables under the gross method. July 2 Company A assigns its accounts receivable of C from last month's transaction to Credit Corp. for a $5,000 loan due Sept 1. Credit Corp assesses a finance charge of 5% of the loan amount and interest on the note of 10%. July 9 Company A collected payment from B. Sept 2 Company A paid off the loan.
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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