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.

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

Select all that applyOn November 1, Eli Co. received a $6,000, 60-day, 6% note from a customer as payment on his $6,000 overdue account. Eli's journal entry to record this transaction on November 1, would include a:Multiple select question.debit to Accounts Receivable for $6,060.credit to Accounts Receivable for $6,000.credit to Notes Receivable for $6,060.debit to Notes Receivable for $6,000.

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

Accounting fees increase on the debit side?

Select all that applyOn January 1, Franz Co. accepted a 30-day, 6% note in the amount of $5,000 from Bria Co., a customer. On January 31, the due date of the note, Bria honors the note and pays in full. The journal entry that Franz would make to record payment of this note would include a:Multiple select question.debit to Cash for $5,025.debit to Interest Revenue for $25.credit to Note Receivable for $5,025.credit to Interest Revenue for $25.credit to Note Receivable for $5,000.