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The following selected transactions relate to Falsetto Souvenirs Company:
Mar. 1
Sold $20,000 of merchandise to Potter Hotels, terms 2/10, n/30.
11
Received payment in full from Potter Hotels for balance due.
12
Accepted Juno Resorts $20,000, 6-month, 12% note for balance due.
15
Made American Express credit sales totaling $6,700. A 5% service fee is charged by American Express.
30
Received payment in full from American Express Company.
Apr. 11
Sold accounts receivable of $8,000 to Hartco Factor. Hartco Factor assesses a service charge of 2% of the amount of receivables sold.
May. 10
Wrote off as uncollectible $16,000 of accounts receivable. falsetto uses the percentage of sales basis to estimate bad debts.
June. 30
Credit sales for the first 6 months total $2,000,000. The bad debt percentage is 1% of credit sales. At June 30, the balance in the allowance account is $3,500.
Jul. 16
One of the accounts receivable written off in May was from J. Simon, who pays the amount due, $4,000, in full.
Instructions
Prepare the journal entries for the transactions.
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