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EA2 EA2. LO 9.1 Prepare journal entries for the following transactions from Cars Plus. Oct. 18 Customer Angela Sosa purchased $132,980 worth of car parts

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EA2 EA2. LO 9.1 Prepare journal entries for the following transactions from Cars Plus. Oct. 18 Customer Angela Sosa purchased $132,980 worth of car parts with her Standard credit card. The cost to Cars Plus for the sale is $86,250. Standard credit card charges Cars Plus a fee of 4% of the sale. Oct. 24 Standard remits payment to Cars Plus, less any fees. 1 2 3 4 EA3 EA3. LO 9.1 Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of $7 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 Money Plus 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. EA4 EA4. LO 9.2 Window World extended credit to customer Nile Jenkins in the amount of $130,900 for his purchase of window treatments on April 2. Terms of the sale are n/150. The cost of the purchase to Window World is $56,200. On September 4, Window World determined that Nile Jenkins's account was uncollectible and wrote off the debt. On December 3, Mr. Jenkins unexpectedly paid in full on his account. Record each Window World transaction with Nile Jenkins. In order to demonstrate the write-off and then subsequent collection of an account receivable, assume in this example that Window World rarely extends credit directly, so this transaction is permitted to use the direct write-off method Remember, however, that in most cases the direct write-off method is not allowed, 3 4 5 6 17 18 19 20 21 22 EAS EAS, LO 9.2 Millennium Associates records bad debt using the allowance, income statement method. They recorded $299.420 in accounts receivable for the year, and $773,270 in credit sales. The uncollectible percentage is 3. 29. On February 5, Millennium Associates identifies one uncollectible account from Molar Corp in the amount of S1 330. On April 15, Molar Corp unexpectedly pays its account in full Record journal entries for the following A Year-end adjusting entry for 2017 bad debt B. February 5, 2018 identification entry C. Entry for payment on April 15, 2018 2 3 4 5 16 17 18 19 20

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