Exercise 8-09 (Video) Presented below are two independent situations. (a) On March 3, Kitselman Appliances...
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Exercise 8-09 (Video) Presented below are two independent situations. (a) On March 3, Kitselman Appliances sells $726,300 of its receivables to Concord Inc. Concord assesses a finance charge of 1% of the amount of receivables sold. Prepare the entry on Kitselman Appliances' books to record the sale of the receivables. (Credit account title automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit Credit Mar. 3 (b) On May 10, Fillmore Company sold merchandise for $21,800 and accepted the customer's America Bank MasterCard. America Bank charges a 2% service charge for credit card sales. Prepare the entry on Fillmore Company's books to record the sale of merchandise account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit Credit May 10
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