Jervis Sells $75,000 of Its Accounts Receivable to Northern Bank

question 58

Multiple Choice

Jervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash.Northern Bank charges a 5% factoring fee.What entry should Jervis make to record the transaction?

• A)Debit Cash $71,250; debit Factoring Fee Expense $3,750; credit Accounts Receivable $75,000
• B)Debit Accounts Receivable $71,250; debit Factoring Fee Expense $3,750; credit Cash $75,000
• C)Debit Cash $75,000; credit Factoring Fee Expense $3,750; credit Accounts Receivable $75,000
• D)Debit Cash $71,250; credit Accounts Receivable $71,250
• E)Debit Accounts Receivable $75,000; credit Factoring Fee Expense $3,750; credit Cash $71,250

Recognize the importance of environmental factors and community infrastructure in disease prevention.

Understand the historical development of public health initiatives and their impact on community health.

Analyze the role of government and non-governmental organizations in the advancement of public health.

Identify key figures and their contributions to public health and nursing.

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Definitions:

Household Liquid

Any fluid substance commonly found or used within a living residence, such as cleaning solutions or drinks.

Ammonium Hydroxide

A solution of ammonia in water, used as a cleaning agent and in the manufacture of fertilizers.

Acid Base

Refers to the concepts, reactions, and processes involving acids and bases, including their behavior, properties, and their role in maintaining physiological pH balance.

Endocrine System

A network of glands and organs that produce, store, and release hormones into the bloodstream, regulating many of the body's processes such as metabolism, growth, and development.