EXERCISE #2 - Accounting for Receivables - (15 pts.) Journalize the following selected transactions for...
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EXERCISE #2 - Accounting for Receivables - (15 pts.) Journalize the following selected transactions for Yellowstone Stores 2020 Jan. 15 Made Yellowstone credit card sales totaling $10.000 20 Made Visa credit card sales (service charge fee 3%) totaling $7000 210 Feb. 10 Collected $4,000 on Yellowstone credit card sales Added finance charges of 1% to Yellowstone credit card balance Mar. 25 Yellowstone sold $30,000 of its receivables to Instant Factors, Inc. Instant Factors assesses a finance charge of 3% of the amount of receivables sold Jul 1 Loaned $12,000 cash to Jenny Green on a 9-month, 10% note. Dec. 31 Accrued interest revenue on Jenny Green notes receivable 2021 Apr. 1 Received principal plus interest on Jenny Green note General Journal Account Titles Explanation Ref. Debit Date Slcuns 0.000 Feb It On Feb 15 Mar 25 .000 0 12,000 Dec 2
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