On March 4, Micro Sales makes $10,500 in sales on bank credit cards that charge a 2% service charge and deposits the funds into Micro Sales' bank accounts at the end of the business day. Required:   Journalize the sales and recognition of expense as a single journal entry. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.

Q: Voyager Electronic Services has three customers in its accounts receivable subsidiary ledger with…

A: Record the given transactions in general journal.

Q: Colaw Stores accepts both its own and national credit cards. During the year, the following selected…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS      Debit Credit     Jan.15 Accounts Receivable…

Q: Candle Shop, Inc. has net sales on account of $1,700,000. The average net accounts receivable are…

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Q: Enter the following in the three-column cash book of an office supply shop. Balance off the cash…

A: A cash book refers to a journal prepared to record the cash disbursements and cash receipts in the…

Q: Ex. ABC has a $150,000 opening balance in its accounts receivable and a $15,000 opening balance in…

A: Allowance for Doubtful accounts is a contra asset account , It is subtracted from accounts…

Q: On March 4, Micro Sales makes $12,300 in sales on bank credit cards which charge a 1% service charge…

A: In the case of credit card sales, there can be 2 Instances: 1st Instance: Payment Received by the…

Q: he activity in the credit card account of Mara for one billing period shows the following…

A: The activity in the credit card account of Mara for one billing period shows the following…

Q: On March 4, Micro Sales makes $3,900 in sales on bank credit cards that charge a 2% service charge…

A: Gross sales are for $3,900 but 2% less cash will be received after levying the service charge on…

Q: Find the average daily balance

A: Meaning of Average Daily Balance Average daily balance refers to a method where the credit card…

Q: On January 1, Five Star Services has the following balances: Accounts Receivable $26,000 (debit) Bad…

A: Under direct write off method, accounts receivables are written off by debiting bad debt expenses…

Q: Equipment and More a is an electronic equipment company and had several notes receivable. Journalize…

A: Journal is the book of original entry in which all the financial transactions of the business are…

Q: Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the…

A: A journal entry appears to be a method of tracking all of a company's individual financial…

Q: On March 29, Jangles Corporation received a $21,800 invoice dated March 26. Cash discount terms were…

A: 4/10 Term says that if the due amount is paid within 10 days then. they can avail 4 % discount.

Q: A company's Cash account shows a balance of $3,410 at the end of the month. Comparing the company's…

A: Bank reconciliation statement is used to determine the differences between the bank statement…

Q: On March 4, Micro Sales makes $6,500 in sales on bank credit cards that charge a 2% service charge…

A: Date Account title and explanation Debit$ Credit$ 04-Mar Cash 6370     Credit…

Q: Sunset Tours has a $3,500 account receivable from the Del Mar Rotary. On January 20, the Rotary…

A: Journal: Recording of a business transactions in a chronological order.

Q: On January 1, Five Star Services has the following balances: Accounts Receivable $24,000 (debit) Bad…

A: Gross accounts receivables = Beginning accounts receivables  + credit sales = $24000 + 100000 =…

Q: The Dimitros Company records the following transactions during September 2018: Cash sales to…

A: Sales Revenue - Sales are recorded by company on cash and on credit basis. Cash collected is…

Q: On September 30, after all monthly postings had been completed, the Accounts Receivable control…

A: Beginning Balance of Accounts Receivable = $ 245,000 Beginning Balance of Accounts Payable = $…

Q: The activity in the credit card account of Mara for one billing period shows the following…

A: Activity of credit card account of Mara for one billing period are as : 1. Nov 18 purchase = P4500…

Q: Sunland Clothing Store had a balance in the Accounts Receivable account of $500000 at the beginning…

A: Average Accounts receivable = (Beginning Accounts receivable + Ending Accounts receivable) / 2 =…

Q: Required : How would each of the preceding items normally be reflected (current or noncurrent;…

A: Solution:- Preparation of  each of the preceding items normally be reflected (current or noncurrent;…

Q: A Plus Services has the following transactions during January: Credit sales of $110,000, collections…

A: There are two types of method for recording the bad debt expense: Direct Write-Off Method: Under…

Q: A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. The…

A: Cash received from factors = Accounts receivable transferred - factoring fees where, Factoring fees…

Q: Walker Clothing Store had a balance in the Accounts Receivable account of $390,000 at the beginning…

A: Income statement: The income statement is one of the three primary financial statements used to…

Q: Romalyn Beauty Products has the following items in its books: Current account - Patricia Bank…

A: Adjusted Undeposited collections =Undeposited collections - Customer check of February 5, 2021=P…

Q: Catherine's cookies has a beginning balance in the account payable control total account of $8,200.…

A: Ending balance in accounts payable account = Beginning balance + purchase - payment made

Q: The January 1 balance in accounts receivable was $22,000. All sales during the period were on credit…

A: Accounts receivable are the money owed to a company by its customers. This happens because of Credit…

Q: Historically, 60 percent of the customer bills at the Andrews’ Supper Club have been paid with cash…

A: Balance sheet means where all assets , liabilities and capital is shown. Accounting principles says…

Q: P Corporation reported $3,600 balance in the accounts receivable account on Jan 1. The company made…

A: Accounts receivable refers to the balance amount to the firm for goods and services delivered but…

Q: On March 4, Micro Sales makes $10,500 in sales on bank credit cards that charge a 3% service charge…

A: Journal: It is the systematic record of a financial transaction recorded in a chronological order.

Q: Marie's Clothing Store had an acounts receivable balance of $440,.000 at the beginning of the year…

A: Accounts receivable turnover = Net credit sales / average Accounts receivable =…

Q: iary calculations to two decimal places and your final answer to the nearest day.)   A. 54 days.

A: The right answer is c]option C. 46 days.

Q: Catherine’s Cookies has a beginning balance in the Accounts Payable control total account of $8,200.…

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: On March 4, Micro Sales makes $4,850 in sales on bank credit cards that charge a 2.5% service…

A: The financial transactions are recorded in the journal entry then it is posted to the ledgers.

Q: On November 1, Orpheum Company accepted a $12,000, 90-day, 10% note from a customer to replace an…

A: Notes receivable have been received in exchange for accounts receivable. Notes receivable (asset)…

Q: Information from the records of TEAM PAYAMAN Co. is shown below:                       Accounts…

A: The balance of trade receivable is arises from the credit sales to customer. In balance sheet the…

Q: On January 25, Coot Company has $380,000 deposited with a local bank. On January 27, the company…

A: Bank is a financial institution that carries two primary functions as accepting deposits from…

Q: Ön September 30, after all monthly postings had been completed, the Accounts Receivable control…

A: The control account's aim is to keep the general ledger safe and clean of information while still…

Q: Archer allows customers to use bank credit cards to charge purchases.  The bank used by Archer…

A: Credit card expense = Total bank credit card receipt  * Rate of processing fee Total bank credit…

Q: Catherine's cookies has a beginning balance in the accounts payable  total account of $8,200. In the…

A: Accounts payable balance represents the amount that is payable to suppliers or vendors for the…

Q: Xavier Stores Company and Lestrade Stores Inc. are large retail department stores. Both companies…

A: a. Determine the (1) accounts receivable turnover and (2) the number of days’ sales in receivables…

Q: On June 30, Petrov Co. has $128,700 of accounts receivable. July 4 Sold $7,245 of merchandise (that…

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Q: KL Company’s sales are $1,000,000 and 80% of those sales are on credit. The beginning and ending…

A: Solution: Net Credit Sales = 80% of $1,000,000                             = 800,000 For calculating…

Q: On April 30, Gomez Services had an Accounts Receivable balance of $30,100. During the month of May,…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.