sale of receivables and annual depreciation
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Attached are the two exercises I need assistance with. I am having a bit of difficulty calculating annual depreciation.
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The journal entries would be as follows:
Q1:
To record sale of receivables:
DR: Cash 679,000
DR: Finance charge expense 21,000
CR: Receivables 700,000
Q2:
To record the sale of merchandise:
DR: Cash 3,840
DR: Service charge expense 160
CR: Revenue 4,000
DR: Cost of goods sold 4,000
CR: Merchandise Inventory 4,000
Q3:
As of 1/1/02 we have a balance of the following:
Cost - accumulated ...
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