Donaldson Company Has the Following Accounts in Its General Ledger

question 102

Essay

Donaldson 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 $30,000 of accounts receivable to Fast Factors, Inc. who assesses a 3% finance charge.
25 Made sales of $900 on Visa credit cards. The credit card service charge is 2%.
Instructions
Journalize the transactions.

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Definitions:

Cornell System

A note-taking system that divides the paper into three sections: notes, cues, and summary, to organize and review notes efficiently.

Summarize

To give a brief statement of the main points of something.

Heavy Accent

A strong or pronounced manner of speech that indicates a person’s regional, geographical, or national background.

Clarification

The act of making a statement or situation less confused and more comprehensible.