TB MC Qu. 07-30 (Algo) A company factored... 16 A company factored $41,000 of its accounts recelvable and was charged a 1% factoring fee. The Journal entry to record this transaction would include a: 1 points Multiple Choice eBook Debit to Cash of $40,590, a debit to Factoring Fee Expense of $410, and a credit to Accounts Receivable of $41,000. Print Reference: O Debit to Cash of $41,000, a debit to Factoring Fee Expense of $410, and credit to Accounts Receivable of $40,590. Debit to Cash of $41,000 and a credit to Accounts Recevable of $41.000. Debit to Cash of $41,410 and a credit to Accounts Receivable of $41.410. Debit to Cash of $41,000 and a credit to Notes Payable of $41,000. TB MC Qu. 07-127 (Algo) Jervis sells... 17 Jervis sells $2,900 of Its accounts recevable to Northern Bank In order to obtain necessary cash. Northern Bank charges a 3% factoring fee. What entry should Jervis make to record the transaction? 1 points Multiple Choice eBook O Debit Cash $2.913; debit Factoring Fee Expense $97; credit Accounts Receivable $2.900 Print d o References O Debit Accounts Recelvable $2.913. debit Factoring Fee Expense S97: credit Cash $2.900. Debit Cash $2,900: credit Factoring Fee Expense $87: credit Accounts Receivable $2,900 o O Debit Cash $2,813; credit Accounts Receivable $2.813 O O Debit Accounts Receivable $2.900: credit Factoring Fee Expense $87; credit Cash $2.813 TB MC Qu. 07-84 (Algo) A company has net sales.... 18 A company has net sales of $1,531,800 and average accounts recelvable, net of $414.000. What is its accounts receivable turnover for the period? 1 points Multiple Choice eBook O 0.27 Print Reference: 6.40 O 22.10 75.80 3.70 19 TB MC Qu. 07-112 (Algo) Defy company makes... Defy Company makes a $75.000, 60-day, 11% cash loan to Ryan Company. The note and interest to be collected at maturity is: (Use 360 days a year.) a 1 points Multiple Choice eBook $75.000. Print Reference: $1.375. $76.375. $73,625 $83.250. TB MC Qu. 07-124 (Algo) Valley Spa purchased... 20 Valley Spa purchased $7.800 In plumbing components from Tubman Company Valley Spa signed a 60-day, 10% promissory note for $7.800. If the note is dishonored, what is the amount due on the note? (Use 360 days a year.) 1 points Multiple Choice eBook O O $130 Print Bio References o o $7.900 se oso $7.930 $8.130