For each of the transactions below, create a journal?The assignment of accounts receivable journal entries are based on the following information:Accounts receivable 50,000 on 45 days termsAssignment fee of 1% (500)Initial advance of 80% (40,000)Cash received from customers 6,000Interest on advances at 9%, outstanding on average for 40 days (40,000 x 9% x 40 / 365 = 395)

There are journal entries related to : 1. Recording of Account Receivable. 2. To transfer accounts…

Answered: For each of the transactions below,…

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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For each of the transactions below, create a journal?

The assignment of accounts receivable journal entries are based on the following information:

Accounts receivable 50,000 on 45 days terms
Assignment fee of 1% (500)
Initial advance of 80% (40,000)
Cash received from customers 6,000
Interest on advances at 9%, outstanding on average for 40 days (40,000 x 9% x 40 / 365 = 395)

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