Jervis sells $4,000 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 2% factoring fee. What entry should Jervis make to record the transaction?Multiple ChoiceDebit Cash $3,920; debit Factoring Fee Expense $80; credit Accounts Receivable $4,000Debit Cash $3,920; credit Accounts Receivable $3,920Debit Accounts Receivable $4,000; credit Factoring Fee Expense $80; credit Cash $3,920Debit Accounts Receivable $3,920; debit Factoring Fee Expense $80; credit Cash $4,000.Debit Cash $4,000; credit Factoring Fee Expense $80; credit Accounts Receivable $4,000

Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which assesses a 5.0% charge on sales for using its card. On June 28, Jervis had $5,400 in NB Card credit sales. What entry should Jervis make on June 28 to record the deposit?Multiple ChoiceDebit Cash $5,670.00; credit Credit Card Expense $270.00; credit Sales $5,400Debit Cash $5,400; credit Sales $5,400Debit Cash $5,130.00; debit Credit Card Expense $270.00; credit Sales $5,400Debit Accounts Receivable $5,400; credit Sales $5,400Debit Accounts Receivable $5,130.00; debit Credit Card Expense $270.00; credit Sales $5,400

A company factored $51,000 of its accounts receivable and was charged a 3% factoring fee. The journal entry to record this transaction would include a:Multiple ChoiceDebit to Cash of $51,000, a debit to Factoring Fee Expense of $1,530, and credit to Accounts Receivable of $49,470.Debit to Cash of $51,000 and a credit to Notes Payable of $51,000.Debit to Cash of $51,000 and a credit to Accounts Receivable of $51,000.Debit to Cash of $49,470, a debit to Factoring Fee Expense of $1,530, and a credit to Accounts Receivable of $51,000.Debit to Cash of $52,530 and a credit to Accounts Receivable of $52,530.

Select all that applyJD Co. had $1,000 of credit cards sales. The net cash receipts were deposited immediately into JD Company's bank account less a 3% fee. The entry to record this sales transaction would include the following debit entries.Multiple select question.Sales for $970Cash for $1,000Cash for $970Accounts Receivable for $970Credit Card Expense for $30Accounts Receivable for $1,000

On July 9, Mifflin Company receives a $10,400, 90-day, 8% note from customer Payton Summers to replace an account receivable. What entry should be made by Mifflin on July 9 to record receipt of the note?Multiple ChoiceDebit Notes Receivable $10,608; credit Sales $10,608.Debit Notes Receivable $10,400; credit Sales $10,400.Debit Accounts Receivable—P. Summers $10,400; credit Sales $10,400.Debit Notes Receivable $10,675; credit Interest Revenue $275; credit Accounts Receivable—P. Summers $10,400.Debit Notes Receivable $10,400; credit Accounts Receivable—P. Summers $10,400.

Select all that applyDogs R US uses the perpetual inventory system to account for its merchandise. A customer returned merchandise. Assuming that the purchase was originally bought on credit for $400 with a cost to Dogs R US of $100, demonstrate required journal entry of Dogs R US to record the return by selecting all of the correct actions below.Multiple select question.Credit Accounts Receivable $400.Credit Cash $400.Debit Sales Returns and Allowances $400.Debit Merchandise Inventory $100.Debit Cost of Goods Sold $100.Debit Accounts Payable $400.Credit Merchandise Inventory $100.Credit Cost of Goods Sold $100.Credit Sales Returns and Allowances $400.