Prepare journal entries for Mars Co. for: Accounts receivable in the amount of $650,000 were...
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Prepare journal entries for Mars Co. for: Accounts receivable in the amount of $650,000 were assigned to Utley Finance Co. by Mars as security for a loan of $550,000. Utley charged a 2% commission on the accounts, the interest rate on the note is 12%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit During the first month, Mars collected $470,000 on assigned accounts after deducting $660 of discounts. Mars wrote off a $1,200 assigned account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Mars paid to Utley the amount collected plus 3 month's interest on the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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