INTRODUCTION

Future Mart, owned by Emily Lincoln, is a luxury electronics boutique that serves the KW

area. The store sells a variety of electronics ranging from Super HD TVs to high$-$end

computers. The store has $20$ employees, who do various tasks throughout the store.

PART A:

Below are several transactions that occurred through the month of March:

Mar $510$ customers used debit cards to purchase merchandise for a total of $$5,814$

from Future Mart. The bank charges $$2\mathrm{.}00$ for each debit card transaction.

$6$ We sell a state of the art stereo system for $$5,500.$ The customer uses their

Visa bank credit card to pay for the purchase. The bank charges Future Mart a

$2\mathrm{.}75\%$ fee for all credit transactions.

$10$ The customer who purchased the stereo system pays their Visa bill.

$15$ A customer comes in and purchases a new computer. Emily knows this

customer very well therefore she allows him to have $30$ days to pay for the

$$3,000$ purchase.

$25$ The customer who purchased the computer on the ${15}^{th}$ pays the amount in full.

Instructions:

a$)$ For each of the transactions above indicate whether or not they would be included in

the general journal for Future Mart. If not, indicate why.

b$)$ Prepare the journal entries that Future Mart must include