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:

Accountability

The obligation of an individual or organization to account for its activities, accept responsibility for them, and disclose the results in a transparent manner.

Judgment

The ability to make considered decisions or come to sensible conclusions.

Advocacy

The act of supporting or arguing for a cause, policy, or group of people, often to promote change.

Bioethics

A field of study that deals with the ethical implications of biological research and applications, especially in medicine.