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24p Wool Clothing Company allows customers to use two (2) credit cards in charging purchases. With the Access Bank Card, a 5% service charge for

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24p Wool Clothing Company allows customers to use two (2) credit cards in charging purchases. With the Access Bank Card, a 5% service charge for credit card sales is assessed. The second credit card that Wool accepts is the Lincoln Card. Lincoln assesses a 3% charge on sales for using its card. Required: Prepare journal entries to record the following selected credit card transactions of Wool Clothing Company. Make sure to use proper journal entry form -- make sure to note the date, and indicate which accounts are debited and crediting by using indents and/or spaces. March 6 Sold merchandise for $7,000 (that had cost $5,200) and accepted the customer's Access Bank Card. March 10 Sold merchandise for $5,000 (that had cost $3,500) and accepted the customer's Lincoln Crd. B IV AA- IE * 3 . , E VD B T 12pt - Paragraph - 14 pts American Manufacturing installs a manufacturing machine in its factory at the beginning of the year at a cost of $75.000. The machine's useful life is estimated at 5 years, or 1,000,000 units of product with a $15.000 salvage value. During its second year, the machine produces 250.000 units of product. Required: Determine the machine's second year depreciation under the (1) straight line, (2) units of production and (3) double declining balance methods. Note: Make sure to label your depreciation methods and underline the answer in each subpart. For the double-declining balance method, you should be able to insert at table to help the table dimensions should be 5 columns and 3 rows. BIVANI EX3x X, 2 v 1 12pt - Paragraph

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