Answered step by step
Verified Expert Solution
Question
1 Approved Answer
5. Peter Restaurants accepts credit and debit cards as forms of payment. Assume Peter had $13,000 of credit and debit card sales on November 30,
5. Peter Restaurants accepts credit and debit cards as forms of payment. Assume Peter had $13,000 of credit and debit card sales on November 30, 2017 9. Suppose Peter's processor charges a 2% fee and deposits sales net of the fee. Journalize the sale transaction for the restaurant. 10. Suppose Peter's processor charges a 2% fee and deposits sales using the gross method. Journalize the sale transaction for the restaurant. 9. Suppose Peter's processor charges a 2% fee and deposits sales net of the fee. Journalize the sale transaction for the restaurant. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Nov. 30 (1) (2) (3) (4) (5) 10. Suppose Peter's processor charges a 2% fee and deposits sales using the gross method. Journalize the sale transaction for the restaurant. Date Accounts and Explanation Debit Credit Nov. 30 (6) (8) (9) (10) O Cash (1) O O Accounts Payable O Accounts Receivable O Bank Fees Expense O Cash O Credit Card Expense O Sales Revenue (2) O Accounts Payable O Accounts Receivable O Bank Fees Expense O Credit Card Expense O Sales Revenue (3) O O Accounts Payable 0 Accounts Receivable O Bank Fees Expense O Cash O Credit Card Expense O Sales Revenue (4) O Accounts Payable O Accounts Receivable O Bank Fees Expense O Cash O Credit Card Expense O Sales Revenue (5) O Recorded credit card sales. Recorded credit card sales, net of fee. O Sold goods on account. (6) O Accounts Payable O Accounts Receivable O Bank Fees Expense O Cash O Credit Card Expense O Sales Revenue (7) O O Accounts Payable O Accounts Receivable Bank Fees Expense O Cash O Credit Card Expense O Sales Revenue (8) O O Accounts Payable O Accounts Receivable O Bank Fees Expense O Cash O Credit Card Expense O Sales Revenue (9) O O Cash O Accounts Payable O Credit Card Expense Accounts Receivable O Sales Revenue O Bank Fees Expense (10) O O Recorded credit card sales. O Recorded credit card sales, net of fee. O Sold goods on account
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started