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A. Tacklebox Company charges 19% interest on all unpaid Tacklebox's credit card transactions beyond 30 days. On September 30, Bass had a balance owing of
A. Tacklebox Company charges 19% interest on all unpaid Tacklebox's credit card transactions beyond 30 days. On September 30, Bass had a balance owing of $6,500 on the credit card that was now past due. What adjusting entry would be recorded by Tacklebox on September 30 for Bass's unpaid balance? a Debit to Credit Card Receivable and credit to Interest Revenue for $102.92. b Debit to Accounts Receivable and credit to Sales for $6,500. c Debit to Accounts Receivable and credit to Interest Revenue for $102.92. d Debit to Credit Card Receivable and a credit to Sales for $6,500.
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