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.)

Increase in assets should be debited and decrease in assets should be credited. Increase in expenses…

Answered: Sheridan Company has the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EA: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning...

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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.)

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