Jamestown Furniture Mart, Inc., sold ($ 80,000) of furniture in May to customers who used their Carte
Question:
Jamestown Furniture Mart, Inc., sold \(\$ 80,000\) of furniture in May to customers who used their Carte Blanche credit cards. Such sales are subject to a \(3 \%\) discount by Carte Blanche (a nonbank credit card),
a. Prepare journal entries to record the sales and the subsequent receipt of cash from the credit card company.
b. Do the same as requirement
a, but assume the credit cards used were VISA cards (a bank credit card).
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Related Book For 
Financial Accounting A Business Perspective
ISBN: 9780072289985
7th Edition
Authors: Roger H. Hermanson, James Don Edwards
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