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Norton company has accounts receivable of $40,000 in its general ledger at July 31: During August, the following transactions occurred. Aug. 1 Added 1% finance
Norton company has accounts receivable of $40,000 in its general ledger at July 31: During August, the following transactions occurred.
Aug.
1 Added 1% finance charges to $13,000 of credit card balances for not paying within the 30 days grace period.
15 Sold $21,000 of accounts receivable to iron factors Inc, who charge a 4% commission.
28 Collected $8,000 from Norton credit card customers which included $400 of finance charges previously billed.
journalize the transactions.
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