On May 31,a Company Had a Balance in Its Accounts

question 121

Essay

On May 31,a company had a balance in its accounts receivable of $103,895.Record the company's following transactions for June:
$\begin{array}{|l|l|}\hline\text { June 2 } & \text { Sold merchandise on account, } \$ 14,000 \\\hline \text { June 8 } & \begin{array}{l}\text { Sold } \$ 15,000 \text { worth of accounts receivable to First Bank. First Bank charged a } \\3 \% \text { factoring fee. }\end{array} \\\hline \text { June 20 } & \begin{array}{l}\text { Borrowed } \$ 30,000 \text { cash from First Bank, pledging } \$ 31,500 \text { worth of accounts } \\\text { receivable as collateral for the loan. }\end{array}\\\hline\end{array}$

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Definitions:

Extended Self

A concept in consumer behavior that suggests individuals extend their identity through the possession of objects, significantly influencing their self-concept.

Communal Goals

signify aims or objectives that are shared by a group of people or a community, focusing on collective rather than individual benefits.

Society

A group of individuals living together in a more or less ordered community, sharing customs, laws, and organizations.

LGBT Market

A segment of the consumer market consisting of individuals who identify as lesbian, gay, bisexual, or transgender, recognized for its unique purchasing patterns and preferences.