Question
1. Restaurants do a large volume of business by credit and debit cards. Suppose Summer comma Sand comma and Castles ResortSummer, Sand, and Castles Resort
1. Restaurants do a large volume of business by credit and debit cards. Suppose
Summer comma Sand comma and Castles ResortSummer, Sand, and Castles Resort
restaurant had these transactions on January 28,
20162016:
National Express credit card sales | $10,800 |
ValueCard debit card sales | 10,000 |
Requirements
1. | Suppose Summer comma Sand comma and Castles Resort'sSummer, Sand, and Castles Resort's processor charges a 22% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant. |
2. | Suppose Summer comma Sand comma and Castles Resort'sSummer, Sand, and Castles Resort's processor charges a 22% fee and deposits sales using the gross method. Journalize these sales transactions for the restaurant. |
Requirement 1. Suppose
Summer comma Sand comma and Castles Resort'sSummer, Sand, and Castles Resort's
processor charges a
22%
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 of the journal entry table.)
Journalize the credit sales net of the fee, first.
Save Accounting Table... | + | ||
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| Accounts and Explanation | Debit | Credit |
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National Express credit card sales $10,800 ValueCard debit card sales 10,000
Done
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Done
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Accounts ReceivableNational Express | + | ||
Accounts ReceivableValueCard | + | ||
Cash | + | ||
Credit Card Expense | + | ||
Sales Revenue | + |
Gate City CyclesGate City Cycles
had trouble collecting its account receivable from
Shawna BrownShawna Brown.
On
JuneJune
19,
20162016,
Gate CityGate City
finally wrote off
Brown'sBrown's
$ 700$700
account receivable. On December 31,
BrownBrown
sent a
$ 700$700
check to
Gate CityGate City.
Journalize the entries required for
Gate City CyclesGate City Cycles,
assuming
Gate CityGate City
uses the direct write-off method.
On
JuneJune
19,
20162016,
Gate CityGate City
wrote off
Brown'sBrown's
$ 700$700
account receivable. Journalize the
entry.(Record
debits first, then credits. Select the explanation on the last line of the journal entry table.)
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Date | Accounts and Explanation | Debit | Credit | |
Jun. | 19 |
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Done
2.
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