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.

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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

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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

More

Less

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Done

2.