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Journalize all entries required for Quick Running Shoes. (Record debits first, then credits. Select the explanation on the last line of the journal entry
Journalize all entries required for Quick Running Shoes. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) May 15, 2024: Recorded Explorer credit card sales of $92,000. Processor charges a 2.5% fee. Explorer charges the fee at the end of the month, therefore Quick uses the gross method credit card sales. Ignore Cost of Goods Sold. Date 2024 May 15 Accounts and Explanation M More info Debit Credit 2024 May 1 Recorded Credit Express credit card sales of $145,000, net of processor fee of 3%. Ignore Cost of Goods Sold. May 15 Recorded Explorer credit card sales of $92,000. Processor charges a 2.5% fee. Explorer charges the fee at the end of the month, therefore Quick uses the gross method for these credit card sales. Ignore Cost of Goods Sold. May 31 Explorer collected the fees for the month of May. Assume the May 15 prer credit card sale.
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