Exercise 8-08 On March 3, Metlock, Inc. sells $719,600 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold.Prepare the entry on Metlock, Inc.’ books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3 enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount
Exercise 8-08 On March 3, Metlock, Inc. sells $719,600 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold.Prepare the entry on Metlock, Inc.’ books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3 enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Exercise 8-08
On March 3, Metlock, Inc. sells $719,600 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold.
Prepare the entry on Metlock, Inc.’ books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Prepare the entry on Metlock, Inc.’ books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|---|
|
Mar. 3
|
enter an account title for the
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title for the journal entry on March 3
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title for the journal entry on March 3
|
enter a debit amount
|
enter a credit amount
|
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