Question two - On 1/5/2017, VFS Company sold merchandise on account to TLS Company for 10,000 SAR. - On 2/5/2017, TLS Company accepted to write a 10,000 SAR, one-month, 12% promissory note to VFS Company. - On 1/6/2017, TLS pays the promissory note. - On 5/6/2017, Made Visa credit card sales totaling 5,000 SAR. A 3% service fee is charged by Visa. Instruction Record the appropriate entries in the Journal of VFS Company

Question two - On 1/5/2017, VFS Company sold merchandise on account to TLS Company for 10,000 SAR. - On 2/5/2017, TLS Company accepted to write a 10,000 SAR, one-month, 12% promissory note to VFS Company. - On 1/6/2017, TLS pays the promissory note. - On 5/6/2017, Made Visa credit card sales totaling 5,000 SAR. A 3% service fee is charged by Visa. Instruction Record the appropriate entries in the Journal of VFS Company

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Description: Question two- On 1/5/2017, VFS Company sold merchandise on account toTLS Company for 10,000 SAR.- On 2/5/2017, TLS Company accepted to write a 10,000 SAR,one-month, 12% promissory note to VFS Company.- On 1/6/2017, TLS pays the promissory note.- On

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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