Prepare the journal entries on December 31, 2016, May 11, 2017, and June 12, 2017. E8-7 On March 3, Plume Appliances sells $710,000 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold. Instructions Prepare the entry on Plume Appliances' books to record the sale of the receivables. E8-8 On May 10, Keene Company sold merchandise for $4,000 and accepted the customer's Best Business Bank MasterCor
Prepare the journal entries on December 31, 2016, May 11, 2017, and June 12, 2017. E8-7 On March 3, Plume Appliances sells $710,000 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold. Instructions Prepare the entry on Plume Appliances' books to record the sale of the receivables. E8-8 On May 10, Keene Company sold merchandise for $4,000 and accepted the customer's Best Business Bank MasterCor
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 86APSA: Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses....
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