Giorgio Italian Market bought $11,200 worth of merchandise from Food Suppliers and signed a 90-day, 7% promissory note for the $11,200. Food Supplier's journal entry to record the sales transaction is: Multiple Choice Debit Notes Receivable $11,200; credit Sales $11,200. Debit Notes Receivable $11,200; debit Interest Receivable $196; credit Sales $11,396. О Debit Accounts Receivable $11,396; credit Sales $11,396. Debit Notes Receivable $11,396; credit Sales $11,396. Debit Accounts Receivable $11,200; credit Sales $11,200.

Giorgio Italian Market bought $11,200 worth of merchandise from Food Suppliers and signed a 90-day, 7% promissory note for the $11,200. Food Supplier's journal entry to record the sales transaction is: Multiple Choice Debit Notes Receivable $11,200; credit Sales $11,200. Debit Notes Receivable $11,200; debit Interest Receivable $196; credit Sales $11,396. О Debit Accounts Receivable $11,396; credit Sales $11,396. Debit Notes Receivable $11,396; credit Sales $11,396. Debit Accounts Receivable $11,200; credit Sales $11,200.

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...

See similar textbooks

Similar questions

Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
Riverbed Retailers accepted $ 31500 of Silver Bank MasterCard credit card charges for merchandise sold on August 1. Silver Bank charges 6% for its credit card use. The entry to record this transaction by Riverbed Retailers will include a credit to Sales Revenue of $31500 and a debit(s) to Cash for $ 31500. Accounts receivable for $ 29610 and Service Charge Expense for $ 5820. Cash for $ 29610 and Service Charge Expense for $ 1890. Accounts Receivable for $ 31500.
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.
MacKenzie Company sold $220 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 5.0% fee for sales on its credit cards. The journal entry to record this sales transaction would be: Multiple Choice Debit Cash $209.00; debit Credit Card Expense $11.00 and credit Sales $220. Debit Cash of $220 and credit Accounts Receivable-Regional $220. Debit Cash of $220 and credit Sales $220. О Debit Cash $209.00 and credit Sales $209.00. О Debit Accounts Receivable-Regional $209.00; debit Credit Card Expense $11.00 and credit Sales $220.
On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 Account Name Debit Credit Cash 4,000 Sales Discounts 40 Accounts Receivable 3,960 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000
MacKenzie Company sold $480 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 2.0% fee for sales on its credit cards. The Journal entry to record this sales transaction would be: Multiple Choice Debit Cash of $480 and credit Accounts Receivable $480. Debit Cash $470.40; debit Credit Card Expense $9.60 and credit Sales $480. O Debit Cash $470.40 and credit Sales $470.40. O Debit Cash of $480 and credit Sales $480. O Debit Accounts Receivable $480 and credit Sales $480.
Prepare journal entries for the following credit card sales transactions (the company uses a perpetual inventory system) Sold $32,000 of merchandise, which cost $24,600, on MasterCard credit cards. MasterCard charges a 5% fee
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $40,000 of merchandise, which cost $31,000, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $7,000 of merchandise, which cost $4,000, on an assortment of bank credit cards. These cards charge a 4% fee. Journal Entry Worksheet 1.Sold $40,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. 2.Record the cost of the sale, $31,000. 3.Sold $7,000 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. 4.Record the cost of the sale, $4,000.
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. These cards charge a 4% fee.Please use the numbers in my question and place correct solution on journal sheet as rrequested in the assignment please.
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
A small retailer allows customers to use two different credit cards in charging purchases. The CC Bank Card assesses a 4.6% service charge for credit card sales. The VIZA Card assesses a 3.8% charge on sales for using its card. This retailer also has its own store credit card. As of Feb 28 month-end, the retailer earned $65 in net interest revenue on its own card. Prepare journal entries to record the following selected credit card transactions. Feb. 2 Sold merchandise for $3,000 (that had cost $1800) and accepted the customer’s CC Bank Card. Feb. 6 Sold merchandise for $2200 (that had cost $1500) and accepted the customer’s VIZA Card. Feb 28 Recognized the $65 interest revenue earned on its store credit card for January.
en June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the custome ays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000 Account Namė Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 ***. MAY 7