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On March 3, Kitselman Appliances sells $683,400 of its receivables to Tamarisk Inc. Tamarisk assesses a finance charge of 3% of the amount of receivables

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On March 3, Kitselman Appliances sells $683,400 of its receivables to Tamarisk Inc. Tamarisk assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman Appliances' books to record the sale of the receivables. (Credit account titles are oufomatically indented when amount is entered. Do not indent manually.) On May 10, Ivanhoe Company sold merchandise for $17,400 and accepted the customer's America Bank MasterCard. America Bank charges a 2% service charge for credit card sales. Prepare the entry on Ivanhoe Company's books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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