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Consider the following transaction: On March 6, Fun Cards sells 560 card decks with a sales price of $11 per deck to Padma Singh.
Consider the following transaction: On March 6, Fun Cards sells 560 card decks with a sales price of $11 per deck to Padma Singh. The cost to Fun Cards is $4 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 2% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. A. Mar. 6 Accounts Receivable: Singh Sales Revenue To record sale of card decks 6.160 6.160 Mar. 6 Cost of Goods Sold 2.240 Merchandise Inventory: Card Decks 2.240 To record cost of sale B. Mar. 6 Accounts Receivable: MoneyPlus Mar. 6 Credit Card Expense Sales Revenue. To record sale of card decks, 2% credit card fee Cost of Goods Sold 10000
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