Jervis accepts all major bank credit cards, including those Issued by Northern Bank (NB), which assesses a 3.0% charge on sales for using its card.On June 28, Jervis had $4,500 in NB Card credit sales. What entry should Jervis make on June 28 to record the deposit?Multiple ChoiceODebit Accounts Receivable $4,500; credit Sales $4,500Debit Cash $4,635.00; credit Credit Card Expense $135.00; credit Sales $4,500Debit Accounts Receivable $4,365.00; debit Credit Card Expense $135.00; credit Sales $4,500Debit Cash $4,500; credit Sales $4,500วDebit Cash $4,365.00; debit Credit Card Expense $135.00; credit Sales $4,500

Detailed Explanation of the Correct AnswerThe correct answer is:• Debit Cash $4,635• Credit Credit…

Answered: Jervis accepts all major bank credit…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...

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Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 5% charge on sales for using its card. On May 26, Brinker had $5,500 in First Savings Bank Card credit sales. What entry should Brinker make on May 26 to record the deposit? Multiple Choice Debit Accounts Receivable $5,225; debit Credit Card Expense $275; credit Sales $5,500. О Debit Cash $5,500; credit Sales $5,500. O Debit Cash $5,775; credit Credit Card Expense $275; credit Sales $5,500. Debit Accounts Receivable $5,500; credit Sales $5,500. O Debit Cash $5,225; debit Credit Card Expense $275; credit Sales $5,500.
Carla Vista's cash register tape showed sales of $59,000 on June 16 for charges to customers' MasterCards. The bank charges a service fee of 3%. Prepare the entry to record MasterCard credit card sales. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Jun. 16 Debit Credit
Archer allows customers to use bank credit cards to charge purchases. The bank used by Archer processes all bank credit cards in exchange for a 3% processing fee. All credit card receipts deposited are credited to the company account on the day of deposit. Assume that on August 10, Archer sold and deposited $5,200 worth of bank credit card receipts. The cost of sales is $2,800. Record this transaction in the general journal.
Brinker except all major bank credit cards, including first savings banks, which assesses a 4% charge on sales for using its card. On May 26, Brinker had $5900 in first savings Bank credit card sales. What entry should break or make on May 26 to record the deposit?
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.2% of the average daily balance. Calculate parts a-d using the statement below. transaction description transaction amount Previous balance, $2654.19 June 1 Billing date June 6 Payment $1100.00 credit June 8 Charge: gas $35.41 June 9 Charge: groceries $138.42 June 17 charge: gas $41.68 charge: groceries $127.27 June 27 charge: clothing $215.41 June 30 end of billing period Payment due date: July 9 A) Find the average daily balance for the billing period. Round to the nearest cent. B) Find the interest to be paid on July 1, the next billing date. Round to the nearest cent. (Use the answer from part a to find this answer. Round to the nearest cent as needed.) C) Find the balance due on July 1. (Use the answer from part b to find this answer.) D) This credit card…
Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which assesses a 5.0% charge on sales for using its card. On June 28, Jervis had $4,900 in NB Card credit sales. What entry should Jervis make on June 28 to record the deposit? Multiple Choice Debit Cash $4,900; credit Sales $4,900 Debit Accounts Receivable $4,900; credit Sales $4,90O Debit Cash $5,145.00; credit Credit Card Expense $245.00; credit Sales $4,900 Debit Cash $4,655.00; debit Credit Card Expense $245.00; credit Sales $4,900 < Prev 16 of 20 Next 1069 MAR 15 étv MacBook Air 80 DII DD F2 F3 F4 F5 F6 F7 F8 23 24 2 4 7 8. 9 W R T Y < cO 田

If a company accepts credit cards, they must record the expense on their books. Please prepare the journal entries for the following scenario: Company A sells $480,000 on credit card sales. The credit card charges a 4.5% fee for the use of the card. The card company also deposits the cash into the company’s bank account the same night as the credit cards are accepted.
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.6% of the average daily balance. Calculate parts a-d using the statement in the popup. transaction description transaction amount previous balance, $2646.05 June 1 billing date June 6 payment $1000.00 credit June 8 charge: gas $36.02 June 9 charge: groceries $138.48 June 17 charge: gas $42.18 charge: groceries $126.42 June 27 charge: clothing $215.69 June 30 end of billing period Payment due date: July 9 A) Find the average daily balance for the billing period. Round to the nearest cent. B) Find the interest to be paid on July 1, the next billing date. Round to the nearest cent. (Use the answer from part a to find this answer. Round to the nearest cent as needed.) C) Find the balance due on July 1. (Use the answer from part b to find this answer.) D) This credit card requires…
J. Whitlock Co. had $1,000 of credit cards sales. The net cash receipts were deposited immediately into Whitlock's bank account less a 5% fee. The entry to record this sales transaction would include a debit to:
On March 4, Micro Sales makes $4,850 in sales on bank credit cards that charge a 2.5% service charge. Funds are deposited net of credit card expenses into Micro Sales' bank account at the end of the business day. Journalize the sales and recognition of expense as a single journal entry.
Melody, Inc., accepts a national credit card. The collection fee is 6%. If credit card sales are $500, the correct journal is a. Accounts receivables 470 Sales 470 b. Accounts receivables 470 Credit card expense 30 Sales 500 c. Accounts receivables 500 Sales 500 d. Accounts receivable 500 Credit card discount 30 Sales 470

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