Britta's Sandwiches operates as a sandwich and wrap shop. Its customers can pay by cash, debit or credit card. Foreach debit transaction, Britta pays $0.20. For credit cards, Britta pays 3% of the total credit card transactions. OnSeptember 10, 2022, Britta compiled the following summary for the work day.Transaction Type Total Number of TransactionsCash$41350Debit Card$31843Credit Card$00RequiredDo not enter dollar signs or commas in the input boxes.a) Calculate the total debit/credit card expense for September 10.Total Debit/Credit Card Expense = $8.60b) Record the journal entry for the day's sales ignoring Cost of Goods Sold.

Journal Entry :— It is an act of recording transactions in books of account when transaction…

Answered: Britta's Sandwiches operates as a…

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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Pagan Restaurants accepts credit and debit cards as forms of payment. Assume Pagan had $10,000 of credit and debit card sales on April 30, 2023. 9. 10. Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Joumalize the sales transaction for the restaurant. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Journalize the sales transaction for the restaurant. 9. Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Journalize the sales transaction for the restaurant. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Apr. 30 10. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Joumalize the sales transaction for the restaurant. Date Apr. 30 Accounts and Explanation Debit Credit
From the following facts, Molly Roe has requested you to calculate the average daily balance. The customer believes the average daily balance should be $877.67. Respond to the customer’s concern. Note: Round your final answer to the nearest cent. 28-day billing cycle 3/18 Billing date $ 672 Previous balance 3/24 Payment $ 59 Credit 3/29 Charge: Sears 218 4/5 Payment 17 Credit 4/9 Charge: Macy’s 166 Average daily balance:
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For the accounts receive and interest revenue I for march 20, I got 13, however its wrong, can you tell me what I am doing wrong? our answer is partially correct. Try again. On January 10, Molly Amise uses her Windsor, Inc. credit card to purchase merchandise from Windsor, Inc. for $1,500. On February 10, Molly is billed for the amount due of $1,500. On February 12, Molly pays $1,300 on the balance due. On March 10, Molly is billed for the amount due, including interest at 1% per month on the unpaid balance as of February 12.Prepare the entries on Windsor, Inc.’s books related to the transactions that occurred on January 10, February 12, and March 10. (Omit cost of goods sold entries.) (Round answers to 0 decimal places, e.g. 825. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction…
3.
Delta Company sells goods and performs services for its customers. On May 1, 2021 "Accounts Receivable" had a debit balance of $150. During the month of May the following transactions occurred. Date Transaction description May 5 Sold goods to customer A on credit for $400, 2/10, n/30 May 8 Performed services for customer B for $200 cash May 12 Customer A returned goods with a sales price for $100 May13 Received payment from customer A for the balance due May 17 Performed services for customer C and billed the customer $100 May20 Received a partial payment of $80 from customer C Required: (a) Prepare the journal entries for the above transactions (Ignore COGS) (b) What is the balance of Accounts Receivable on May 31 Solution (a) Date Account title $ May5 Dr.________ ___ Cr.______ ___ Date Account title $ May 8 Dr.________ ___ Cr.______ ___ Date Account title $…
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The activity date, company, and amount for your credit card bill is shown below. The due date of the bill is September 15. Activity Date Company Amount August 15 Unpaid Balance $1236.43 August 16 Veterinary Clinic 125.00 August 17 Gasoline 23.56 August 18 Olive’s Restaurant 53.45 August 20 Seaside Market 41.36 August 22 Monterey Hotel 223.65 August 25 Airline Tickets 310.00 August 30 Bike 101 23.26 September 1 Trattoria Maria 36.45 September 12 Seaside Market 41.25 September 13 Credit Card Payment 1345.00 Find the finance charge on your September 15 bill if the interest rate is 18% APR.
On June 14, Year 1, Sure-Fit Shoe Store sold $13,000 of merchandise that cost $8,700 and accepted credit cards as payment. Sure-Fit electronically transmitted the credit card forms to the credit card company which charges a 4% fee to handle such transactions. On June 18, Year 1, Sure-Fit received the proceeds from the credit card company. Required: a. How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? b. How will the entry to record the credit card proceeds on June 18, Year 1, affect the company's financial statements? Complete this question by entering your answers in the tabs below. Required A Required B How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Assets Balance Sheet Liabilities Stockholders' Equity Revenue Income…
Ainsley Emporium sells gift cards to customers. In December, customers purchased $10,000 of gift cards. During December, the gift card recipients used gift cards to purchase $3,000 of goods. Prepare Ainsley’s entry for (1) the sale of the gift cards and (2) the year-end adjusting entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record cash received for goods to be provided at a later date) (To record the sale of merchandise using a gift card)
On July 4, Ivanhoe’s Restaurant accepts a Visa card for a $500 dinner bill. Visa charges a 2% service fee.Prepare the entry on Ivanhoe’s books related to this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 4

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