Presented below are two independent situations.
a. On March 3, Cornwell Appliances sells $680,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Cornwell Appliances’ books to record the sale of the receivables. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
b. On May 10, Dale Company sold merchandise for $3,500 and accepted the customer’s America Bank MasterCard. America Bank charges a 4% service charge for credit card sales. Prepare the entry on Dale Company’s books to record the sale of merchandise. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
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