was 107o. uring the first month, Tamara collected $220 Rer deducting $760 of discounts. Tamara accepted returns worth signed accounts totaling $5.960.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Tamara Co. assigned $800,000 of accounts receivable to Rayan Finance Co. as security for a
loan of $670.000. Rayan charged a 2% commission on the amount of the loan; the interest rate
on the note was 10%. During the first month, Tamara collected $220,000 on assigned accounts
after deducting $760 of discounts. Tamara accepted returns worth $2.700 and wrote off
assigned accounts totaling $5,960.
Transcribed Image Text:Tamara Co. assigned $800,000 of accounts receivable to Rayan Finance Co. as security for a loan of $670.000. Rayan charged a 2% commission on the amount of the loan; the interest rate on the note was 10%. During the first month, Tamara collected $220,000 on assigned accounts after deducting $760 of discounts. Tamara accepted returns worth $2.700 and wrote off assigned accounts totaling $5,960.
9.
Give the entries during the first month to remit the collection
Transcribed Image Text:9. Give the entries during the first month to remit the collection
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