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Where it says on Account Titles and Explaination For Interest Revenues that is not correct explaination, what is the correct explaination? Chapter 8 Do It
Where it says on "Account Titles and Explaination" For "Interest Revenues" that is not correct explaination, what is the correct explaination?
Chapter 8 Do It - is this working??? Due Saturday by 11:59pm Points 10 Submitting an external tool Your grade has been recorded in the Gradebook Fri, May 29, 2020, 10:30:02 PM (America/Los Angeles-07 001 Question 3 View Policies Show Attempt History Current Attempt in Progress - Your answer is partially correct. Sandhill Distributors is a growing company whose ability to raise capital has not been growing as quickly as its expanding assets and sales. Sandhills local banker has indicate increase its borrowing for the foreseeable future. Sandhill's suppliers are demanding payment for goods acquired within 30 days of the invoice date, but Sandhill's customers purchases (60-90 days). As a result, Sandhill has a cash flow problem. Sandhill needs $161.800 to cover next Friday's payroll. Its balance of outstanding accounts receivable totals $839,800. To alleviate this cash crunch, the company sells $181. Record the entry that Sandhill would make (Assume a 2% service charge. (Credit account tities are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Cash 178,164 Interest Revenue 3.636 Accounts Receivable 181.800 (To record sale of receivables to factor)Step by Step Solution
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