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Jamar company sold its accounts receivable

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Reference no: EM131144254

Presented below are two independent transactions.

(a) St. Pierre Restaurant accepted a Visa card in payment of a $150 lunch bill. The bank charges a 4% fee. What entry should St. Pierre make?

(b) Jamar Company sold its accounts receivable of $60,000.What entry should Jamar make, given a service charge of 3% on the amount of receivables sold? 

Reference no: EM131144254

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