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E8.10 (LO 2) Presented below are two independent situations Instructions a. On April 2, Jennifer Elston uses her JCPenney Company credit card to purchase merchandise

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E8.10 (LO 2) Presented below are two independent situations Instructions a. On April 2, Jennifer Elston uses her JCPenney Company credit card to purchase merchandise from a JCPenney store for $1,500. On May 1, Elston is billed for the $1,500 amount due. Elston pays $500 on the balance due on May 3. Elston receives a bill dated June 1 for the amount due, including interest at 1.0% per month on the unpaid balance as of May 3. Prepare the entries on JCPenney Co.'s books related to the transactions that occurred on April 2, May 3, and June 1. b. On July 4, Spangler's Restaurant accepts a Visa card for a $200 dinner bill. Visa charges a 2% ser- vice fee. Prepare the entry on Spangler's books related to this transaction. 8 E8.11 (LO 2) Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred. 2 Jan. 15 Made Colaw credit card sales totaling $18,000. (There were no balances prior to January 15.) 20 Made Visa credit card sales (service charge fee 2%) totaling $4,500. nalize the transactions for Colaw Stores. E8.12 (LO 3) Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note. 16 Nov. 1 Dec. 1 1 Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable Instructions a. Journalize the transactions for Elburn Supply Co. b. Record the collection of the Lopez note at its maturity in 2021. E8.13 (LO 3) Record the following transactions for Redeker Co. in the general journal. 2020 Received a $9,000, 12-month, 6% note in exchange for Mark Chamber's outstanding 1 May accounts receivable. Accrued interest on the Chamber note. Dec. 31 ide Dec. 31 Closed the interest revenue account 2021 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) May

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