Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
Lounow Distributors is a growing company whose ability to raise capital has not been growing as quickly as its expanding assets and sales. LounowÃ¢â‚¬â„¢s local banker has indicated that the company cannot increase its borrowing for the foreseeable future. LounowÃ¢â‚¬â„¢s suppliers are demanding payment for goods acquired within 30 days of the invoice date, but LounowÃ¢â‚¬â„¢s customers are slow in paying for their purchases (60Ã¢â‚¬â€œ90 days). As a result, Lounow has a cash flow problem.
Lounow needs $160,000 to cover next FridayÃ¢â‚¬â„¢s payroll. Its balance of outstanding accounts receivable totals $800,000. To alleviate this cash crunch, the company sells $170,000 of its receivables.
Record the entry that Lounow would make. (Assume a 2% service charge.)
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