Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Larkspur Stores has been in business for several years, uses a perpetual inventory system, and has its own credit card, called larkspur Credit. The busineas
Larkspur Stores has been in business for several years, uses a perpetual inventory system, and has its own credit card, called larkspur Credit. The busineas also accepts debit cards, and bank credit cards (Visa and Mastercard) as payment for sales, tarkpeur is charoed 4 for for all bonk credit card transactions and $050 per debit card trankaction. Transictions for the business are shown belowr May 1 Sales totalled 56,3400 of this ar 15 Sales totalled $875. Of this amount, $350 of the sales were charged on the Larkspur Credit cavdand the femainder? was gaid for usine Visa credit cards: 20 Received payments totalling $3000 from Larkspur Credit card customers. 22 Sold goods totalling \$1.47gto customess who tied the Larkspur Credit card for awment. 30 paid for using Masiercard. 31 Salestotaled $3.500. Ali 90 transictions were detit card transactions. June-1 Added irsterest charges of 3645 to outstanding, Larkspur credit card balonces Prepare the joumal entries to tecord the above transactions tgnore any imentory or cost of goods widd entries for the purpotes of thit "No Entry" for the occount bites ond enter O for the amounts, List al deblit entries before credit entries. flecerd foumal entries in the oeder Prefore the journalentsies to recoed the abone tramactions. Ignore awy inverinny or cont of goods sold enerien for the purposes of this
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started