contestada

Newton Company has the following accounts in its general ledger at July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2,500. During August, the following transactions occurred. Oct. 15 Sold $15,000 of accounts receivable to Fast Factors, Inc. who assesses a 3% finance charge. 25 Made sales of $800 on VISA credit cards. The credit card service charge is 2%.

Respuesta :

abiolataiwo2015

Based on the transactions that occurred on Aug. 15 and Oct. 25 the appropriate journal entries for Newton Company are:

Aug. 15

Debit Cash $14,550

($15,000×97%)

Debit Service Charge Expense $450

($15,000×3%)

Credit Accounts Receivable $15000

Oct. 25

Debit Cash $784

($800×98%)

Debit Service Charge Expense $16

($15,000×2%)

Credit Sales Revenue $800

Learn more here:

https://brainly.com/question/23530605

Otras preguntas