Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I have few questions I need help with Record the following transactions in the general journal of Jesse's Quick Clean Service. Assume Scotiabank charges merchants

I have few questions I need help with

image text in transcribedimage text in transcribed
Record the following transactions in the general journal of Jesse's Quick Clean Service. Assume Scotiabank charges merchants $0.50 per debit card transaction and MasterCard charges 4 percent of sales as service fees. Mar 31 Recorded Scotiabank debit card sales of $22,000, consisting of 1,500 transactions. 31 Recorded MasterCard credit card sales of $33,000. 31 FleetPlan card accepted for $2,800 of payments. This card requires that receipts are submitted for payment manually. A2 percent fee applies. Apr 10 Payment was received from FleetPlan. Mar 31. Recorded Scotiabank debit card sales of $22,000, consisting of 1,500 transactions. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Mar Record the following transactions in the journal of Seaview Supplies, which ends its accounting year on November 30: Oct 1 Lent $88,000 cash to Joe Lazarus on a one-year, 2 percent note. Nov 3 Sold goods to Highwater Inc., receiving a 100-day, 4 percent note for $3,162.50. Cost of the goods was $2,000. Seaview uses a perpetual inventory system. 16 Received a $2,200, six-month, 8 percent note on account from STM Inc. when the receivable for that amount could not be paid on time. 30 Accrued interest revenue on all notes receivable. Hint: Recall that you divide by days or months depending on the terms of the note. Oct 1. Lent $88,000 cash to Joe Lazarus on a one-year, 2 percent note. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit Oct

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

Risk-Based Internal Audit

Authors: Jason Lee Mefford

1st Edition

1631922629, 9781631922626

More Books

Students also viewed these Accounting questions

Question

Focus on the interview.

Answered: 1 week ago

Question

1. What will happen in the future

Answered: 1 week ago

Question

3. Avoid making mistakes when reaching our goals

Answered: 1 week ago