Problem 7.6A (Static) Recording sales made for cash, on open account, and with credit cards. LO 7-1, 7- 2, 7-4 Royal Gift Shop sells cards, supplies, and various holiday greeting cards. Sales to retail customers are subject to an 8 percent sales tax. The firm sells its merchandise for cash; to customers using bank credit cards, such as MasterCard and Visa; and to customers using American Express. The bank credit cards charge a 2 percent fee. American Express charges a 3 percent fee. Royal Gift Shop also grants trade discounts to certain wholesale customers who place large orders. These orders are not subject to sales tax. During February 20X1, Royal Gift Shop engaged in the following transactions: DATE TRANSACTIONS 20x1 Feb. 1 Sold crystal goods to Lovely Kitchens, a wholesale customer. The list price is $6,000, with a 30 percent trade discount. This sale is not subject to sales tax. Issued Invoice 5950 with terms of n/15. 15 Recorded cash sales for the period from February 1 to February 15 of $8,600 plus sales tax of $688. 15 Recorded sales for the period from February 1 to February 15 to customers using bank credit cards of $13,000 plus sales tax of $1,040. (Record the 2 percent credit card expense at this time.) 16 Received a check from Lovely Kitchens in payment of Invoice 5950 dated February 1. 16 Sold 17 Sold a set of Roman statues to Beautiful Bedrooms, a wholesale customer. The list price is $12,000, with a 30 percent trade discount. This sale is not subject to sales tax. Issued Invoice 5951 with terms of n/15. 20 Received payment from American Express for the amount billed on February 16, less a 3 percent credit card merchandise to customers using American Express for $8,100 plus sales tax of $648. expense. 27 Received a check from Beautiful Bedrooms in payment of Invoice 5951 dated February 17. 28 Recorded cash sales for the period from February 28 Recorded sales for the period from February 16 to February 28 to customers using bank credit cards of $15,000 plus sales tax of $1,200. (Record the 2 percent credit card expense at this time.) 28 Sold merchandise to customers using American Express for $12,200 plus sales tax of $976. to February 28 of $7,750 plus sales tax of $620. Required: 2. Record the transactions in a general journal. 3. Post the entries from the general journal to the appropriate accounts in the general ledger.

Recording Transactions in the Cash Receipts and Cash Payments Journals Special and Combination Journals, and Voucher System 481 June 2015. The company uses cash receipts and cash payments journal. Borrowed P60,000 from the V. Espiritu Bank by issuing a 12%, 60-day The following cash transactions of the Papa Distributors occurred during the month of NAME: SCORE: SECTION: PROFESSOR: Problem #4 Borrowed P60,000 from the y Espiritu Bank by issuing a 12%, 60-day note payable. Purchased merchandise, P47.000. Issued check no. 71. Sold merchandise, P62,000. June 1 9. Paid an invoice amounting to P28.000 to Y. Filamor Company less 270 discount. Issued check no. 72. 7 Collected amount due less 3% discount on an invoice of P29,000 from D. Sandoval Company. 10 Collected amount due less 3% discount on an invoice of P22,000 from D. Mallari Supplies. Paid freight chárges on sales, P1,000. Issued check no. 73. Paid for advertising, P3,000. Issued check no. 74. Paid salaries, P12,000. Issued check no.…

Sales for Thursday total $2,205.50. The cash drawer contains $1,255.25, credit card transactions total $1,020.25, and the cash bank for the drawer has an account balance of $75.00, What is the overage or shortage? O A. $5.00 shortage O B. $.50 shortage O C. $70.00 shortage O D. $5.00 overage

Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts: Mastercard $756 Visa 486   The merchant's charges are 1.8% for Mastercard and 2.1% for Visa. Frank's also had cash sales of $375 and $800 of sales on credit to a local business. Required: Prepare the journal entry to record these sales.

CASH PAYMENTS JOURNAL Sam Santiago operates a retail variety store. The book include a cash payments journal and an accounts payable ledger. All cash paymen (except petty cash) are entered in the cash payments journal. Selected account balances on May 1 are as follows: General Ledger Cash Accounts Payable Accounts Payable Ledger Fantastic Toys Goya Outlet. Mueller's Distributors Van Kooning $40,000 20,000 $5,200 3,800 3,600 7,400 The following are the transactions related to cash payments for the month of May May 1 Issued Check No. 426 in payment of May rent (Rent Expense), $2,400. 3 Issued Check No. 427 to Mueller's Distributors in payment of merchandise purchased on account, $3,600, less a 3% discount. Check was written for $3,492. 7 Issued Check No. 428 to Van Kooning in partial payment of merchandise purchased on account, $5,500. A cash discount was not allowed. 12 Issued Check No. 429 to Fantastic Toys for merchandise purchased on account, $5,200, less a 1% discount. Check was…

8:17 1 customer in payment of the customer's account of \ $2.700. What is the up-to-date ending Cash balance? 4. a bank reconciliation included a deposit in transit of $720, the company's journal entry for this reconciling item would include 5. Urban Bloom, Incorporated's books show an ending cash balance of $13,500 before preparing the bank reconciliationGiven the bank reconciliation shows outstanding checks of \$3700 deposits in transit of \$2,700, NSF check of $ 170, and interest earned on the bank account of $80, the company's up-to-date ending cash balance equals: 6. Egrane, Incorporated's monthly bank statement showed the ending balance of cash of $19,200. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,850, outstanding checks of $2,700, an NSF check of $1,400, bank service charges of $65 and the EFT from a customer in payment of the customer's account of $2,200. What was the cash balance on the Egrane's books (before the adjustments for…

Problem 9.1A (Static) Journalizing cash receipts, cash short or over, and posting to the general ledger. LO 9-1 Candy’s Cupcakes, a retail business, started business on June 25, 20X1. It keeps a $300 change fund in its cash register. The cash receipts for the period from June 25 to June 30, 20X1, are below.   DATE TRANSACTIONS June 25 Cash sales per the cash register tape, $1,238.     Cash count, $1,529.   26 Cash sales per the cash register tape, $1,346.     Cash count, $1,640.   27 Cash sales per the cash register tape, $1,359.     Cash count, $1,661.   28 Cash sales per the cash register tape, $1,288.     Cash count, $1,582.   29 Cash sales per the cash register tape, $1,135.     Cash count, $1,439.   30 Cash sales per the cash register tape, $1,374.     Cash count, $1,668.   Required: Record the cash receipts from June 25 to June 30, 20X1, in a general journal. Post the amounts for Cash Short or Over in the journal entries to the general ledger.…

Please avoid image based answers thanks

4 (61) El Yaki- Celos Del https://newconnect.mheducation.com/flow/connect.html 4 1 Saved Help Save & Exit Check my vw Required information [The following information applies to the questions displayed below.] Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the company's cash ledger for the month ending February 28, 2021. Date Amount No. Date Amount Deposits: 2/4 2/11 2/18 2/25 2/26-2/28 $2,600 Checks: 2,200 3,100 4,000 1,500 $13,400 321 2/2 2/8 2/12 2/19 2/27 $ 4,600 322 650 323 2,400 2,100 324 Cash receipts: 325 450 326 2/28 950 2/28 1,800 $12,950 327 Balance on February 1 $6,700 Receipts Disbursements 13,400 (12,950) $ 7,150 Balance on February 28 8:41 PM earch 3/8/2020 80 K. H.

Note:- • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. • Answer completely. • You will get up vote for sure.