repare Journal entries for the following credit card sales transactions (the company uses the perpetual Inventory system 1. Sold $32,000 of merchandise, which cost $24,600, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $6,200 of merchandise, which cost $3,600, on an assortment of bank credit cards. These cards charge a 4% fee View transaction list Journal entry worksheet < 1 2 3 4 Mastercard credit cards Mastercard charges a A

repare Journal entries for the following credit card sales transactions (the company uses the perpetual Inventory system 1. Sold $32,000 of merchandise, which cost $24,600, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $6,200 of merchandise, which cost $3,600, on an assortment of bank credit cards. These cards charge a 4% fee View transaction list Journal entry worksheet < 1 2 3 4 Mastercard credit cards Mastercard charges a A

Name: Complete journal entries 1-4 and show steps to solve please and thank
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Description: Complete journal entries 1-4 and show steps to solve please and thank you QS 7-1 (Algo) Credit card sales LO C1Prepare Journal entries for the following credit card sales transactions (the company uses the perpetual Inventory system).1. Sold $32,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $29,000 of merchandise, which cost $22,200, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $5,900 of merchandise, which cost $3,450, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 1 2 3 Transaction 1-a. Sold $29,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Note: Enter debits before credits. 4 General Journal Debit Credit
E6-2 Reporting Net Sales with Credit Sales, Sales Discounts, and Credit Card Sales LO6-1 The following transactions were selected from the records of Ocean View Company: July 12 Sold merchandise to Customer R, who charged the $3,000 purchase on his Visa credit card. Visa charges OceanView a 2 percent credit card fee. 15 Sold merchandise to Customer S at an invoice price of $9,000; terms 3/10, n/30. 20 Sold merchandise to Customer T at an invoice price of $4,000; terms 3/10, n/30. 23 Collected payment from Customer S from July 15 sale. Aug. 25 Collected payment from Customer T from July 20 sale. Required: Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31.
QS 9-1 (Algo) Credit card sales LO C1 Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $21,000 of merchandise, which cost $15,800, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,100 of merchandise, which cost $3,050, on an assortment of bank credit cards. These cards charge a 4% fee.
20 Omani Marble Company LLC sells (on credit) OMR 15000 Marble to a retailer with credit terms of 3/10, n/30. If OMR 9,000 of the account receivable is collected from the customer within the ten-days discount period, identify the journal entry from the following. a. Dr Accounts receivables OMR 9000 and Cr Cash OMR 8730 Cr sales discount OMR 270 b. Dr Cash OMR 8730 Dr sales discount OMR 270 and Cr Accounts receivables OMR 9000 c. Dr Cash OMR 9000 and Cr Accounts receivables OMR 9000 d. Dr Cash OMR 15000 and Cr Accounts receivables OMR 15000 Clear my choice
Credit Card Sales Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $20,000 of merchandise, that cost $15,000, on MasterCard credit cards. The net cash receipts from sales are immediately deposited in the seller's bank account. MasterCard charges a 5% fee. 2. Sold $5,000 of merchandise, that cost $3,000, on an assortment of credit cards. Net cash receipts are received 5 days later, and a 4% fee is charged. 1
Help Save & Exit Submit TB MC Qu. 07-149 (Algo) MacKenzie Company sold... MacKenzie Company sold $460 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 6.0% fee for sales on its credit cards. The journal entry to record this sales transaction would be: Multiple Choice es Debit Cash of $460 and credit Sales $460. Debit Cash of $460 and credit Accounts Receivable-Regional $460. Debit Accounts Receivable-Regional $432.40; debit Credit Card Expense $27.60 and credit Sales $460. Debit Cash $432.40: debit Credit Card Expense $27,60 and credit Sales $460. MAR 15 étv MacBook Air 888 DII DD F2 F3 F4 F5 F6 F7 F8 F9 #3 2$ * & 3 4 6 7 8 W E R T
Merchandise with a sales price of $4,600 is sold on account with terms 2/10, n/30. The journal entry for the sale would include a a.debit to Sales Discounts for $92 b.debit to Cash for $4,600 c.debit to Accounts Receivable for $4,488 d.credit to Sales for $4,508
Exercise 9-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $4,700 (that had cost $3,473) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $6, ee0 (that had cost $3,888) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 3 4 > Sold merchandise for $4,700 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits. Date General Journal Debit Credit Apr 08 Record entry Clear entry View general joumal Journal entry worksheet Record the cost of goods sold, $3,473. Note: Enter debits before credits. Date General Journal Debit Credit Apr 08 Record entry Clear entry View general journal
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Obj. 2 PR 5-2A Sales-related transactions using perpetual inventory system The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to other businesses and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300. 3. Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. 5. Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,400. 12. Received check for amount due from Equinox Co. for sale on March 2.
MarchMarch 4: Sold $ 1 comma 500$1,500 of merchandise to YancyYancy Corp., who paid by credit card. The credit card company charges ParkerParker a fee of 22% on credit card sales. Do not record the cost of goods sold entry yet. We will do that in the next step.Journal EntryDate Accounts Debit CreditMar 4
Merchandise with a sales price of $5,100 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a A. Debit to Customer Refunds Payable for $102 B. Credit to Sales for $4,998 C. Debit to Cash for $5,100 D. Debit to Accounts Receivable for $5,100