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Journalize all entries required for SpeedySpeedy Running Shoes. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Journalize all entries required for SpeedySpeedy Running Shoes. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Speedy Running Shoes reports the following: (Click the icon to view the transaction information.) Journalize all entries required for Speedy Running Shoes (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 4, 2018: Recorded credit card sales of $145,000, net of processor fee of 1%. Ignore Cost of Goods Sold. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit 2018 Mar. 1 Mar. 15, 2018: Recorded Explorer credit card sales of $82,000. Processor charges a 2% fee. Explorer charges the fee at the end of the month, therefore Speedy uses the gross method for these credit card sales. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2018 Mar. 15 Mar. 31, 2018: Explorer collected the fees for the month of March. Assume the March 15 transaction is the only Explorer credit card sale. Date Accounts and Explanation Debit Credit 2018 Mar. 31 X A More Info 15 Reco 2018 Mar. 1 Recorded Premiere Express credit card sales of $145,000, net of processor fee of 1%. Ignore Cost of Goods Sold. Recorded Explorer credit card sales of $82,000. Processor charges a 2% fee. Explorer charges the fee at the end of the month, therefore Speedy uses the gross method for these credit card sales. Ignore Cost of Goods Sold. 31 Explorer collected the fees for the month of March. Assume the March 15 transaction is the only Explorer credit card sale. Print DoneStep by Step Solution
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