Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jessica Lange owns her own high-end hair salon and employs several hair stylists. Customers usually pay using either a debit card or a credit

  •  

Jessica Lange owns her own high-end hair salon and employs several hair stylists. Customers usually pay using either a debit card or a credit card, but they sometimes write checks or pay with cash. Her credit- card sales last week were $8752.40. During the same period, she had $573.94 in credit refunds and she pays fees of 21% on the net credit- card sales. The balance at the beginning of the week was $4228.34. Checks outstanding were $758.14, $38.37, $1671.88, $120.13, $2264.75, $78.11, $3662.73, $816.25, and $400. Lange had credit-card and bank deposits of $458.23, $771.18, $235.71, $1278.55, $663.52, and $1475.39 that were not recorded. 1. Find the net deposit given credit-card sales and refunds. 2. Find the fee on the net credit-card sales. 3. What is the total of the checks outstanding? 4. Find the total of the deposits that were not recorded

Step by Step Solution

There are 3 Steps involved in it

Step: 1

1 Net deposit given creditcard sales and refunds Net Credit Card Sales Credit Card Sa... 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_2

Step: 3

blur-text-image_3

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

Accounting Information System

Authors: James A. Hall

7th Edition

978-1439078570, 1439078572

More Books

Students also viewed these Mathematics questions

Question

Define OLAP, and give some examples.

Answered: 1 week ago

Question

What role does the audit trail play in the task of confirmation?

Answered: 1 week ago