Wildhorse Pet Supply Company has the following accounts in its general ledger at July 31: Accounts Receivable $44,000 and Allowance for Doubtful Accounts $2,900. During August, the following transactions occurred. Oct. 15 25 Sold $31,000 of accounts receivable to Fast Factors, Inc. who assesses a 4% finance charge. Made sales of $900 on Visa credit cards. The credit card service charge is 2%. Journalize the transactions. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)
Wildhorse Pet Supply Company has the following accounts in its general ledger at July 31: Accounts Receivable $44,000 and Allowance for Doubtful Accounts $2,900. During August, the following transactions occurred. Oct. 15 25 Sold $31,000 of accounts receivable to Fast Factors, Inc. who assesses a 4% finance charge. Made sales of $900 on Visa credit cards. The credit card service charge is 2%. Journalize the transactions. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Date
Account Titles and Explanation
Debit
Credit
117
Transcribed Image Text:Wildhorse Pet Supply Company has the following accounts in its general ledger at July 31: Accounts Receivable $44,000 and
Allowance for Doubtful Accounts $2,900. During August, the following transactions occurred.
Oct. 15
25
Sold $31,000 of accounts receivable to Fast Factors, Inc. who assesses a 4% finance charge.
Made sales of $900 on Visa credit cards. The credit card service charge is 2%.
Journalize the transactions. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered...
Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for
the amounts.)
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