Question
Lynn Company has accounts receivable of $54,000 in its general ledger at July 31: During August,...
Lynn Company has accounts receivable of $54,000 in its general ledger at July 31: During August, the following transactions occurred.
Aug. 1 Added 1% finance charges to $15,000 of credit card balances for not paying within the 30 day grace period.
15 Sold $28,000 of accounts receivable to Coal Factors Inc. who charge a 3% commission.
28 Collected $6,000 from Lynn credit card customers including $300 of finance charges previously billed.
Instructions
(a) Journalize the transactions.
(b) Indicate the statement presentation of interest revenue and service charges.
Homework Answers
Answer #1
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