2 Your answer is partially correct. Try again. Presented below are two independent transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Tony's Restaurant accepted a Visa card in payment of a $175 lunch bill. The bank charges a 4% fee. What entry should Tony's make? (b) Larkin Company sold its accounts receivable of $60,000. What entry should Larkin make, given a service charge of 3% on the amount of receivables sold? Account Titles and Explanation Debit Credit (a) cash 168 Service Charge Expense sales 175 (b) Cash 58200 Service Charge Expense 1800 Accounts Receivable 60000

2 Your answer is partially correct. Try again. Presented below are two independent transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Tony's Restaurant accepted a Visa card in payment of a $175 lunch bill. The bank charges a 4% fee. What entry should Tony's make? (b) Larkin Company sold its accounts receivable of $60,000. What entry should Larkin make, given a service charge of 3% on the amount of receivables sold? Account Titles and Explanation Debit Credit (a) cash 168 Service Charge Expense sales 175 (b) Cash 58200 Service Charge Expense 1800 Accounts Receivable 60000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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