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Record journal entries for the transactions of july

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Reference no: EM132629222

Problem 1: Record journal entries for the following transactions:

July 1 Company A sold to B merchandise having a sales price of $8,000 with terms 2/10, net/60. Company A records its sales and receivables under the gross method.

July 2 Company A assigns its accounts receivable of C from last month's transaction to Credit Corp. for a $5,000 loan due Sept 1. Credit Corp assesses a finance charge of 5% of the loan amount and interest on the note of 10%.

July 9 Company A collected payment from B.

Sept 2 Company A paid off the loan.

Reference no: EM132629222

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