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I need help on how to enter accounts receivable journal entries based on the following information: Accounts receivable 50,000 on 45 days terms Assignment fee
I need help on how to enter accounts receivable journal entries based on the following information:
- Accounts receivable 50,000 on 45 days terms
- Assignment fee of 1% (500)
- Initial advance of 80% (40,000)
- Cash received from customers 6,000
- Interest on advances at 9%, outstanding on average for 40 days (40,000 x 9% x 40 / 365 = 395)
For each of the transactions above, I need to know how to make a journal, using either Excel or Word
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