Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5. Pedro's Posole Palace allows it's customers to use their MegaBank credit cards for purchases. The bank charges a 2.5% fee. If daily sales were

image text in transcribed

image text in transcribed

image text in transcribed

5. Pedro's Posole Palace allows it's customers to use their MegaBank credit cards for purchases. The bank charges a 2.5% fee. If daily sales were $30,000 with Cost of Goods Sold of $19,000, what would be the resulting journal entry? ( 3 points) 6. Donna's Diner was allowed to replace a $40,000 account receivable with a 5.5% note receivable that will be due in 90 days. Please prepare the necessary journal entry from Donna's standpoint. (2 points) 7. Assume that Donna's pays the note on time. Please prepare the journal entry to show the payment as as it would appear on the books of the holder of the note. ( 2 points)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditory Interfaces

Authors: Stefania Serafin, Bill Buxton, Bill Gaver, Sara Bly

1st Edition

1032196459, 978-1032196459

More Books

Students also viewed these Accounting questions

Question

b. Where did they come from?

Answered: 1 week ago

Question

c. What were the reasons for their move? Did they come voluntarily?

Answered: 1 week ago

Question

5. How do economic situations affect intergroup relations?

Answered: 1 week ago