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2. SALE OF ACCOUNTS RECEIVABLE Present the journal entries specified below. Tamarisk Company sells $162,000 of accounts receivable to Buyout Factors Inc. for cash less a 2.5% service charge. Record the sale. A. Tamarisk Company sold merchandise for $6,200 and accepted the customer's VISA card. VISA charges a 3.5% service charge. Record the sale. B.

2. SALE OF ACCOUNTS RECEIVABLE Present the journal entries specified below. Tamarisk Company sells $162,000 of accounts receivable to Buyout Factors Inc. for cash less a 2.5% service charge. Record the sale. A. Tamarisk Company sold merchandise for $6,200 and accepted the customer's VISA card. VISA charges a 3.5% service charge. Record the sale. B.

FINANCIAL ACCOUNTING
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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(b) 2.SALE OF ACCOUNTS RECEIVABLE Present the journal entries specified below. Tamarisk Company sells $162,000 of accounts receivable to Buyout Factors Inc. for cash less a 2.5% service charge. Record the sale. A. Tamarisk Company sold merchandise for $6,200 and accepted the customer's VISA card. VISA charges a 3.5% service charge. Record the sale. B. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit A. B.
Transcribed Image Text:(b) 2.SALE OF ACCOUNTS RECEIVABLE Present the journal entries specified below. Tamarisk Company sells $162,000 of accounts receivable to Buyout Factors Inc. for cash less a 2.5% service charge. Record the sale. A. Tamarisk Company sold merchandise for $6,200 and accepted the customer's VISA card. VISA charges a 3.5% service charge. Record the sale. B. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit A. B.
The trial balance of Tamarisk Paints at December 31, 2014, includes the following: Debits Credits Accounts Receivable $89,000 Allowance for Doubtful Accounts 680 Sales (all on credit) $89,680
Transcribed Image Text:The trial balance of Tamarisk Paints at December 31, 2014, includes the following: Debits Credits Accounts Receivable $89,000 Allowance for Doubtful Accounts 680 Sales (all on credit) $89,680
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