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On March 3, Kitselman Appliances sells $615,300 of its receivables to Skysong Inc. Skysong assesses a finance charge of 1% of the amount of receivables

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On March 3, Kitselman Appliances sells $615,300 of its receivables to Skysong Inc. Skysong assesses a finance charge of 1% of the amount of receivables 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) Date Account Titles Debit Credit Mar, 3 Cash Service Charge Expense Accounts Receivable (b) On May 10, Fillmore Company sold merchandise for $17,600 and accepted the customer's America Bank MasterCard, America Bank charges a 4% service charge for credit card sales. Prepare the entry on Fillmore Company's books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles Debit Credit Date May 10 Cash Service Charge Expense Sales Revenue

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