Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 8 - Reporting and Analyzing Receivables - Exercises: E8-13

Answer

Journal entry: March 03 Cash 674,500 dollars Service charges expense 35,500 dollars Accounts receivable 710,000 dollars

Work Step by Step

To record the sale of accounts receivable to American Factors Inc. at 5% service charge
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