Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 2. sale of accounts receivable present the journal

2. SALE OF ACCOUNTS RECEIVABLE Present the journal entries specified below. Hardy Lumber Company sells...

90.2K

Verified Solution

Question

Accounting

image

2. SALE OF ACCOUNTS RECEIVABLE Present the journal entries specified below. Hardy Lumber Company sells $150,000 of accounts receivable to Buyout Factors Inc. for cash less a 2.5% service charge. A. Record the sale. B. Hardy Lumber Company sold merchandise for $4,200 and accepted the customer's VISA card. VISA charges a 3.5% service charge. Record the sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Debit Credit Date Account Titles and Explanation A. B

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students