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Prepare the journal entries for the transactions

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Reference no: EM132570198

Question - The following selected transactions relate to METU Company.

Mar. 1 Sold $30,000 of merchandise to Salem Company, terms 5/10, n/30.

Mar.11 Received payment in full from Salem Company for balance due on existing accounts receivable.

Mar.12 Accepted JIM Company's $30,000, 6-month, 13% note for balance due.

Mar.13 Made METU Company credit card sales for $15,200.

Mar.15 Made Visa credit card sales totaling $7,400. A 2% service fee is charged by Visa.

Apr.11 Sold accounts receivable of $8,000 to Hashim Company. Hashim Company assesses a service charge of 2.5% of the amount of receivables sold.

Mar.13 Received collections of $9,500 on METU Company credit card sales and added finance charges of 2.01% to the remaining balances.

Instructions - Prepare the journal entries for the transactions. (Ignore entries for cost of goods sold.)

Reference no: EM132570198

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