Rainey Company Has the Following Accounts in Its General Ledger

question 108

Essay

Rainey Company has the following accounts in its general ledger at July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2,500. During August, the following transactions occurred.
Oct. 15 Sold $12,000 of accounts receivable to Good Factors, Inc. who assesses a 3% finance charge.
25 Made sales of $700 on VISA credit cards. The credit card service charge is 2%.
Instructions
Journalize the transactions.

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Definitions:

Behavioral Theorists

Researchers and psychologists who study and explain human behavior through various theories, often focusing on the effects of environment and learning.

Social-Cognitive Learning

A theory that emphasizes the importance of observational learning, imitation, and modeling in acquiring new behaviors.

Intersexuality

A term used to describe a variety of conditions in which an individual is born with reproductive or sexual anatomy that doesn’t fit typical definitions of male or female.

Chromosomal Anomalies

Genetic disorders resulting from changes in the number or structure of chromosomes, leading to physical or developmental abnormalities.