Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Luna Company accepted credit cards in payment for $6,000 of services performed during July Year 1 . The credit card company charged Luna a 4
Luna Company accepted credit cards in payment for $6,000 of services performed during July Year 1 . The credit card company charged Luna a 4 percent service fee; it paid Luna as soon as it received the invoices. Required a. Prepare the general journal entry to record the service revenue. b. Prepare the general journal entry for the collection of the receivable from the credit card company. c. Based on this information alone, what is the amount of net income earned during the month of July? Complete this question by entering your answers in the tabs below. Prepare the general journal entry to record the service revenue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record service revenue on credit card payment and credit card expenses. Note: Enter debits before credits. Luna Company accepted credit cards in payment for $6,000 of services performed during July Year 1 . The credit card company charged Luna a 4 percent service fee; it paid Luna as soon as it received the invoices. Required a. Prepare the general journal entry to record the service revenue. b. Prepare the general journal entry for the collection of the receivable from the credit card company. c. Based on this information alone, what is the amount of net income earned during the month of July? Complete this question by entering your answers in the tabs below. Prepare the general journal entry for the collection of the receivable from the credit card company. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Luna Company accepted credit cards in payment for $6,000 of services performed during July Year 1 . The credit card company charged Luna a 4 percent service fee; it paid Luna as soon as it received the invoices. Required a. Prepare the general journal entry to record the service revenue. b. Prepare the general journal entry for the collection of the receivable from the credit card company. c. Based on this information alone, what is the amount of net income earned during the month of July? Complete this question by entering your answers in the tabs below. Based on this information alone, what is the amount of net income earned during the month of July
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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