Record journal entries for the following transactions: July 1 Company A sold to B merchandise having a
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Question:
Record journal entries for the following transactions:
July 1Company A sold to B merchandise having a sales price of $8,000 with terms 2/10, net/60. Company A records its sales and receivablesunder the gross method.
July 2Company A assigns its accounts receivable of C from last month's transaction to Credit Corp. for a $5,000 loan due Sept 1. Credit Corp assesses a finance charge of 5% of theloan amountand interest on the note of 10%.
July 9Company A collected payment from B.
Sept 2Company A paid off the loan.
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