Tecom accepts the NOVA credit card for credit card sales. Tecom sends credit card receipts to NOVA on a weekly basis. NOVA charges Tecom a 2% fee. Tecom usually receives payment from NOVA within a week. Prepare journal entries to record the following transactions of Tecom involving the NOVA credit card.
Definitions:
Pulmonary Circuit
The path of circulation between the heart and the lungs where blood is oxygenated.
Right Ventricle
The chamber of the heart that receives deoxygenated blood from the right atrium and pumps it into the pulmonary artery toward the lungs for oxygenation.
Ductus Arteriosus
A fetal blood vessel that connects the pulmonary artery to the aorta, allowing blood to bypass the lungs in utero, which normally closes shortly after birth.
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