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Presented below are two independent situations.
(a) On March 3, Cornwell Appliances sells $680,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Cornwell Appliances' books to record the sale of the receivables.
(b) On May 10, Dale Company sold merchandise for $3,500 and accepted the customer's America Bank MasterCard. America Bank charges a 4% service charge for credit card sales. Prepare the entry on Dale Company's books to record the sale of merchandise.
Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000 and the rest on a note.
the chs company has provided the following information bull accounts receivable written-off as uncollectible during
a company has debentures outstanding par value 1000 that are convertible into common stock at a price of 40 per share.
krew kutters net income was 100000 last year. the company has 10000 shares of common stock and 4000 shares of 200 par
spitfire company was incorporated on january 2 2015 but was unable to begin manufacturing activities until july 1 2015
Record the events occurring on October 1, November 20, and December 30 in a horizontal statements model like the following one. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing..
which of the following is a major accounting contribution to the managerial decision-making process in evaluating
wilson co. purchased land as a factory site for 900000. wilson paid 80000 to tear down two buildings on the land.
The accounting principles and procedures that underlie an entity's external reports sometimes are modified for interim reporting purposes. Differences between the annual and interim reporting procedures are most likely to arise in the:
Evaluate Jake's plan.
at the beginning of 2011 the healthy life food company purchased equipment for 42 million to be used in the manufacture
Prepare a multi step income statement.
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