Presented below are two independent situations.

On March 3, Kitselman Appliances sells $650,000 of its receivables to Ervay Factors Inc. Ervay Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman Appliances books to record the sale of the receivables.
On May 10, Fillmore Company sold merchandise for $3,000 and accepted the custoemr's America Bank MasterCard. America Bank charges a 4% service charge for credit card sales. Prepare the entry on Fillmore Company's books to record the sale of merchandise.

Solution

Kitselman Appliances
Journal Entry

Fillmore Company
Journal Entry

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