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A. On March 3, Mineral Point Appliances sells $700,000 of its receivables to Horicon Factors Inc. Horicon Factors assesses a finance charge of 3% of

A. On March 3, Mineral Point Appliances sells $700,000 of its receivables to Horicon Factors Inc. Horicon Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Mineral Point Appliances' books to record the sale of the receivables

B. On May 10, Chip Company sold Merchadise for $4.000 and accepted the customer's America Bank MasterCard. America Bank charges a 4% service charge for credit card sales. Prepare the entry on Chip Company's books to record the sale of merchandise.

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