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asap help On March 3 , Kitselman Appliances sells $678,000 of its recelvables to Switty Inc. Switty assesses a finance charge of 1% of the
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On March 3 , Kitselman Appliances sells $678,000 of its recelvables to Switty Inc. Switty assesses a finance charge of 1% of the amount of recelvables sold. Prepare the entry on Kitselman Appliances' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the omounts.) (b) On May 10, Marigold Company sold merchandise for \$19,400 and accepted the customer's America Bank MasterCard. America Bank charges a 2% service charge for credit card sales. Prepare the entry on Marigold Company's books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter of for the amounts.) Step by Step Solution
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