Question
1. schofield retailers accepted $40,000 of Silver Bank MasterCard credit card charges for merchandise sold on August 1. Silver Bank charges 4% for its credit
1. schofield retailers accepted $40,000 of Silver Bank MasterCard credit card charges for merchandise sold on August 1. Silver Bank charges 4% for its credit card use.
2.A company sells $950,000 of accounts receivable to a factor for cash less a 4% service charge.
Prepare the journal entry to record transaction 1 and transaction 2
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Auditing Cases An Interactive Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
3rd Edition
0131494910, 9780131494916
