Listed Below Are Two Independent Situations Involving the Disposition of Receivables

question 98

Essay

Listed below are two independent situations involving the disposition of receivables.
1. Fultz Company sells $300,000 of its receivables to Quick Factors, Inc. Quick Factors assesses a finance charge of 2% of the amount of receivables sold.
Instructions
Prepare the journal entry to record the sale of the receivables on Fultz Company's books.
2. A restaurant is the site for a large company party. The bill totals $3,000 and is charged by the patron on a Visa credit card.
Instructions
Assume a 3% service fee is charged by Visa. Record the entry for the transaction on the restaurant's books.

Recognize the role of customer perception in determining quality according to Feigenbaum's view.

Distinguish between McGregor's Theory X and Theory Y and their assumptions about employee motivation and behavior.

Identify the significance of the Gilbreths' motion studies and their impact on efficiency.

Acknowledge the historical timeline and context of Frederick Taylor's scientific management studies.

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Definitions:

Market Prices

The current price at which an asset or service can be bought or sold in a particular marketplace.

Cancer Death Rates

The ratio or statistics indicating the number of deaths caused by cancer per unit of population over a specific period of time.

United States

A country in North America known for its diverse culture and significant impact on global affairs.

Cancer Deaths

Refers to fatalities caused by cancer, a group of diseases characterized by the uncontrolled growth and spread of abnormal cells.