Start each problem on a new sheet of paper 8. Presented below are selected transactions related to Falcon Company. Similar to Macys and Nordstrom, Falcon maintains its own credit card; also Falcon accepts American Express. Ignore M/I and CoGs considerations Use your own paper Mar. 1 Sold $20,000 of merchandise to Potter Company, terms 2/10, n/30. 10 Received sufficient payment from Potter Company for balance due 12 Accepted Juno Company's $20,000 6-month, 5% note for the balance due from a previous event. 13 Made Falcon Company credit card sales of $13,2 15 Made American Express credit sales totaling $6,700. A 5% service fee is charged by American Express. American Express will send Cash soon. 30 Received payment in full from American Express Company less the 58 service charge. Sold accounts receivable of $8,000 to Harcot Factor. Harcot Factor assesses a service charge of 20% Apr. 11 of the amount of receivables sold 13 Received collections of $8,200 on Falcon Company March 13 credit card sales and added finance charges of 1.5% to the remaining balances. (you may want to prepare two entries) May 10 Wrote off as uncollectible $16,000 of accounts receivable. Falcon July 16 A customer whose account was written off in May remits full payment Aug. 12 Because of a temporary shortage of cash, Falcon discounted the Juno uses the percentage of sales basis to estimate bad debts. payment is expected. in the amount of $4,000, no addit to at , S. Bank. The note is discounted without recourse. The discount rate. First accrue the interest luour accrual to the Start each problem on a new sheet of paper 8. Presented below are selected transactions related to Falcon Company. Similar to Macys and Nordstrom, Falcon maintains its own credit card; also Falcon accepts American Express. Ignore M/I and CoGs considerations Use your own paper Mar. 1 Sold $20,000 of merchandise to Potter Company, terms 2/10, n/30. 10 Received sufficient payment from Potter Company for balance due 12 Accepted Juno Company's $20,000 6-month, 5% note for the balance due from a previous event. 13 Made Falcon Company credit card sales of $13,2 15 Made American Express credit sales totaling $6,700. A 5% service fee is charged by American Express. American Express will send Cash soon. 30 Received payment in full from American Express Company less the 58 service charge. Sold accounts receivable of $8,000 to Harcot Factor. Harcot Factor assesses a service charge of 20% Apr. 11 of the amount of receivables sold 13 Received collections of $8,200 on Falcon Company March 13 credit card sales and added finance charges of 1.5% to the remaining balances. (you may want to prepare two entries) May 10 Wrote off as uncollectible $16,000 of accounts receivable. Falcon July 16 A customer whose account was written off in May remits full payment Aug. 12 Because of a temporary shortage of cash, Falcon discounted the Juno uses the percentage of sales basis to estimate bad debts. payment is expected. in the amount of $4,000, no addit to at , S. Bank. The note is discounted without recourse. The discount rate. First accrue the interest luour accrual to the