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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.
Self-Actualization
The realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.
Extrinsic Benefits
Rewards or advantages that come from external sources, often used as motivation or incentive.
Intrinsic Benefits
Advantages or positive effects that are inherent or naturally occurring within an activity, object, or concept.
High-Level Esteem
A state of being highly respected or valued; being held in great regard.
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