Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Credit Card Sales The Green Roof accepts cash, personal checks, and two credit cards when customers buy merchandise with the Great American Bank Card, The

image text in transcribed
Credit Card Sales The Green Roof accepts cash, personal checks, and two credit cards when customers buy merchandise with the Great American Bank Card, The Green Roof receives an immediate deposit in its checking account when credit card sales slips are deposited at the bank. The bank charges a two percent fee. With the United Merchants Card, The Green Rootmails the credit card sales slips to United Merchants regional processing center each day. United Merchants accumulates these sips for three days and then mails a check to The Green Roof, after deducting a two percent fee. Prepare journal entries to record the following Sales for Morth I were as follow Catch and the 59,00 Great Anerican Bank Creputed at the end of the day 2.500 und Merchants Card (Maleate end of the day! 1,400 15.00 Received a check for 4,00 rom United Marchant on March 20. Credit General journal De Description Martsch Amusele United Merants 0 o 0 + To read cash and care b General Journal Descrie bebit Credit Bate Mar20 To correct of the United Merchant

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

Step: 3

blur-text-image

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

Knowledge Audit Complete Self Assessment Guide Practical Tools For Self Assesment

Authors: Gerardus Blokdyk

1st Edition

0655199837, 978-0655199830

More Books

Students also viewed these Accounting questions

Question

1. Main press release 5,

Answered: 1 week ago