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Twain Company has the following accounts in its general ledger at July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2,500. During August, the
Twain Company has the following accounts in its general ledger at July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2,500. During August, the following transactions occurred. Aug Sold $16,000 of accounts receivable to Nelson Factors, Inc. who assesses a 4% finance charge. 25 Made sales of $900 on VISA credit cards. The credit card service charge is 3%. 15 Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Aug. 15 Aug. 25
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