You have the following transactions that occurred during April and May in the books of Lockhart company:
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Question:
On the 4thof April, Lockhart provided services for customers with a cost of $15,000 2/10 n/40
On the 10thof April, Steve (a customer) have used Lockhart store credit card to purchase goods with a selling price of $760
On the 28thof April, sales to customers through HSBC bank credit card total of $18,000. The bank deducts a commission of 3%
At the end of April, 2% interest is added to all store credit card sales outstanding balances
On the 5thof May, a note receivable was recognized in settlement of unpaid account receivable total of $10,000
At the end of May, Lockhart sold 350,000 of its account receivable to Dean factoring which charges 3% commission.
You are required to journalese the required journal entry for each transaction in the books of Lockhart company
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
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