Restaurants do a large volume of business by credit and debit cards. Suppose Chocolate Passion restaurant had these transactions on January 28:View the transactions.Read the requirements.☑Requirement 1. Suppose Chocolate Passion's processor charges a 6% fee and deposits sales net of the fee. Journalize these sale transactions for the restaurant. (Record debits first, then credits. Select the explanation on the last line ofthe journal entry table.)Journalize the credit sales net of the fee, first.DateAccounts and ExplanationTransactionsDebitCreditNational Express credit card sales$ 10,700ValueCard debit card sales8,000PrintDone☑Requirements-Suppose Chocolate Passion's processor charges a 6% fee and depositssales net of the fee. Journalize these sales transactions for the restaurant.2. Suppose Chocolate Passion's processor charges a 6% fee and depositssales using the gross method. Assume that on January 28, the companypays the fees assessed by the credit card processor. Journalize these salestransactions for the restaurant.PrintDone

Sales revenue is the amount of money earned by an entity by selling goods. It is reported in the…

Answered: Restaurants do a large volume of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 3EA: Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of...

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If Abby INC sells items to a customer who uses a credit card for $1100 and there is a credit card fee of 1.5% Abby will record an : ______ Round your final answer to the nearest dollar A. DEBIT TO ACCOUNT RECIEABLE FOR $1083 B. Credit to sales revenue for $1083 C. debit to sales expense for $17 D. Debit to credit card discount expense for $17
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Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of $7 per deck to Padma Singh. The cost to Fun Cards is $4 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 2% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card.
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