Problem 164 Prepare journal entries for Mars Co. for: Accounts receivable in the amount of...
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Problem 164 Prepare journal entries for Mars Co. for: Accounts receivable in the amount of $1,400,000 were assigned to Utley Finance Co. by Mars as security for a loan of $1,100,000. Utley charged a 5% commission on the accounts; the interest rate on the note is 13% (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 $320 000 on assigned accounts after deducting $730 of discounts. Mars wrote off a $1,100 assigned account not indent manually.) Credit account titles are automatical y indented when the amount is entered. Do Account Titles and Explanation Debit Credit Mars paid to Utley the amount collected plus 1 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 Click if you would like to Show Work for this question: Open Show Work
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