Crystal Products allows customers to use bank credit cards to charge purchases. The bank used by Crystal
Question:
Crystal Products allows customers to use bank credit cards to charge purchases.
The bank used by Crystal Products processes all bank credit cards in exchange for a 3% processing fee.
All credit card receipts deposited are credited to the company account on the day of deposit.
Assume that on January 18, Crystal Products sold and deposited $19,000 worth of bank credit card receipts.
Prepare the general journal entry to record this transaction.
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Describe how accounts receivable arise and how they are accounted for, including the use of a subsidiary ledger and an allowance account?
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Define a note receivable and explain how interest is calculated on a short-term note receivable.
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Explain the options a company has when converting its receivables to cash.
Please avoid plagiarism. I am expecting that you are an EXPERT.
Essentials of Corporate Finance
ISBN: 978-1259277214
9th edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan