Sheridan Company has the following accounts in its general ledger at July 31: Accounts Receivable $45,600 and Allowance for Doubtful Accounts $2,850. During October, the following transactions occurred. Oct. 15 Sold $17,900 of accounts receivable to Nelson Factors, Inc. who assesses a 4% finance charge. 25 Made sales of $1,100 on VISA credit cards. The credit card service charge is 3%. 1. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
Sheridan Company has the following accounts in its general ledger at July 31: Accounts Receivable $45,600 and Allowance for Doubtful Accounts $2,850. During October, the following transactions occurred. Oct. 15 Sold $17,900 of accounts receivable to Nelson Factors, Inc. who assesses a 4% finance charge. 25 Made sales of $1,100 on VISA credit cards. The credit card service charge is 3%. 1. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sheridan Company has the following accounts in its general ledger at July 31:
| Oct. | 15 | Sold $17,900 of accounts receivable to Nelson Factors, Inc. who assesses a 4% finance charge. | |
| 25 | Made sales of $1,100 on VISA credit cards. The credit card service charge is 3%. |
1. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record
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