Exercise 8-08 On March 3, Metlock, Inc. sells $719,600 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold.Prepare the entry on Metlock, Inc.’ books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3 enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount
Exercise 8-08 On March 3, Metlock, Inc. sells $719,600 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold.Prepare the entry on Metlock, Inc.’ books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 3 enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount
Financial & Managerial Accounting
13th Edition
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter8: Receivables
Section: Chapter Questions
Problem 8.6BPR: Sales and notes receivable transactions The following were selected from among the transactions...
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Exercise 8-08
On March 3, Metlock, Inc. sells $719,600 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold.
Prepare the entry on Metlock, Inc.’ books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Prepare the entry on Metlock, Inc.’ books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|---|
|
Mar. 3
|
enter an account title for the
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title for the journal entry on March 3
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title for the journal entry on March 3
|
enter a debit amount
|
enter a credit amount
|
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