EG - TB Presented below are two Independent situations . ( a ) On March 3, Torres Appliances sells $7 70, 000 of it's receivables to Meadows Factors Inc . Meadows Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Torres Appliances" books to record the sale of the receivables . ( b ) On May 10 , Ogle Company sold merchandise for $ 2, 700 and accepted the customer's National Bank Master Card . National Bank charges a 4% service charge for credit card sales . Prepare the entry on Dole Company's books to record the sale of merchandise . E9 - 8 8 Presented below are two independent situations . ( a ) On April 2, Jose Ruiz uses his Scars Company credit card to purchase merchandise from a Scars store for $ 1, 500 . On May 1 , Ruiz is billed for the $ 1, 500 amount due . Ruiz pays Load on the balance due on May 3. On June 1 , Ruiz receives a bill for the amount due , including interest at 1 . 196 per month on the unpaid balance as of May 3. Prepare* the entries on Scars Co.'s books related to the transactions that occurred on April 2. May 3 , and June ] . ( b ) On July 4 , Polino's Restaurant accepts a Visa card for a $ 400 dinner bill . Visa charges 2 3% service fee . Prepare the entry on Polling's books related to this transaction