Rainey 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 $20,000 of accounts receivable to Good 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