FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Stock Market Indices
Stock indexes are used to compare the price fluctuations of a group of stocks of similar companies, which are combined based on a similar industry or a particular market capitalization limit or type of market. The price comparison is based on a pre-deter…
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E8-8 

Instructions Prepare the entry on Plume Appliances' books to record the sale of the receivables. E8-8 On May 10, Keene Company sold merchandise for $4,000 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 3.8% service charge for credit card sales. Prep (LO Instructions Prepare the entry on Keene Company's books to record the sale of merchandise. E8-9 On July 4, Mazie's Restaurant accepts a Visa card for a $250 dinner bill. Visa charges a 4% service fee. Instructions Prepare the entry on Mazie's books related to the transaction.
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Transcribed Image Text:Instructions Prepare the entry on Plume Appliances' books to record the sale of the receivables. E8-8 On May 10, Keene Company sold merchandise for $4,000 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 3.8% service charge for credit card sales. Prep (LO Instructions Prepare the entry on Keene Company's books to record the sale of merchandise. E8-9 On July 4, Mazie's Restaurant accepts a Visa card for a $250 dinner bill. Visa charges a 4% service fee. Instructions Prepare the entry on Mazie's books related to the transaction.
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