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9. Prepare the necessary journal entries for the following transactions. a. Putin Confectionery sold $870,000 of its accounts receivables to HSBC Factoring. The factor charges
9. Prepare the necessary journal entries for the following transactions.
a. Putin Confectionery sold $870,000 of its accounts receivables to HSBC Factoring. The factor charges a 4% fee.
b. Johnson Inc. made sales of $78,000 on Visa credit cards. The company also made sales of $56,000 on ABC credit cards. The credit card service charge is 5% for Visa and 4% for ABC.
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Auditing And Assurance Services
Authors: Alvin Arens, Randal Elder, Mark Beasley
14th Edition
1256560812, 9781256560814
