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

question 94

Essay

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

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Definitions:

Federal Water Pollution Control Act

Also known as the Clean Water Act, this law, established in 1948 and significantly expanded in 1972, aims to regulate the discharge of pollutants into the waterways of the United States.

Navigable Waterways

Water bodies that are deep and wide enough for ships and boats to travel on, often regulated by government authorities.

Resource Conservation

The practice of managing natural resources such as water, soil, and forests to prevent depletion and ensure their sustainability for future generations.

Recovery Act

The Recovery Act, formally known as the American Recovery and Reinvestment Act of 2009, is a U.S. federal law aimed at stimulating the economy during the late-2000s recession through spending and tax cuts.