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Exrecise 9 (amount in million) [isted below are two independent situations involving the disposition of reeivables. 1. karam Company sells ID400,000 of its receivables to
Exrecise 9 (amount in million) [isted below are two independent situations involving the disposition of reeivables. 1. karam Company sells ID400,000 of its receivables to Sumar Factors, Inc. Sumar Factors assesses a finance charge of 2% of the amount of receivables sold. Instructions Prepare the journal entry to record the sale of the receivables on karam Company's books. 2. A restaurant is the site for a large company party. The bill totals ID2,500 and is charged by the patron on a Visa credit card. Instructions (a) Assume a 4% service fee is charged by AL Teaf. Record the entry for the transaction on the restaurant's books. (b) Record the entry that the restaurant will make when it receives payment from AL Teaf. frercise 10 (amount in million) compute the maturity date and the maturity value associated with each of the Iollowing notes receivables. L. A ID20,000, 6\%, 3-month note dated April 20
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