- (a)On March 3, Kitseiman Appliances sells $667,200 of its receivables to Blossom Inc. Blossom assesses a finance charge of 3% of theamount of receivables sold. Prepare the entry on Kitselman Appliances' books to record the sale of the receivables. (Credit accounttitles are automatically indented when amount is entered. Do not indent manually.)DateMar. 3DateAccount TitlesMay 10(b) On May 10, Fillmore Company sold merchandise for $13,000 and accepted the customer's America Bank MasterCard. AmericaBank charges a 2% service charge for credit card sales. Prepare the entry on Fillmore Company's books to record the sale ofmerchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DebitAccount TitlesCreditDebitCredit

The journal entries are a way to record the business transactions in the books of account. A minimum…

(a) On March 3, Kitseiman Appliances sells $667,200 of its receivables to Blossom Inc. Blossom assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman Appliances' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles Date Mar. 3 Date (b) On May 10, Fillmore Company sold merchandise for $13,000 and accepted the customer's America Bank MasterCard. America Bank charges a 2% service charge for credit card sales. Prepare the entry on Fillmore Company's books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) May 10 Debit Account Titles Credit Debit Credit

(a) On March 3, Kitseiman Appliances sells $667,200 of its receivables to Blossom Inc. Blossom assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman Appliances' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles Date Mar. 3 Date (b) On May 10, Fillmore Company sold merchandise for $13,000 and accepted the customer's America Bank MasterCard. America Bank charges a 2% service charge for credit card sales. Prepare the entry on Fillmore Company's books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) May 10 Debit Account Titles Credit Debit Credit

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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Chez Fred Bakery estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2021, Chez Fred's credit sales and collections were $ 125,000 and $131,000, respectively. What was the balance of accounts receivable on January 1, 2021, if $180 in accounts receivable were written off during 2021 and if the allowance account had a balance of $750 on December 31, 2021? A) $5,820. B) $31,000. C) $31,180. D) None of these answer choices are correct.
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1. Prepare general journal entries for the following transactions for the current year: April 25 Sold $3,500 of merchandise to Phillip Corporation receiving a 9%, 60-day, $3,500 note receivable (the merchandise cost $2,000) June 24 The note of Phillip Corporation was dishonored. Date Description Post Ref Debit Credit
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