Need help with problem E8-10.

E8-8 Presented below are two independent situations. (a) On April 2, Jennifer Elston uses her JCPenney Company credit card to purchase mer- Journalize entries for credit card sales chandise from a JCPenney store for $1,500. On May 1, Elston is billed for the $1,500 (LO 2) amount due. Elston pays $500 on the balance due on May 3. Elston receives a bill dated June 1 for the amount due, including interest at 1.0% per month on the unpaid balance as of May 3. Prepare the entries on JCPenney Co.s books related to the trans- actions that occurred on April 2, May 3, and June 1 (b) On July 4, Spangler's Restaurant accepts a Visa card for a $200 dinner bill. Visa charges a 2% service fee. Prepare the entry on Spangler's books related to this transaction. E8-9 Colaw Stores accepts both its own and national credit cards. During the year, the Jounalize credit card sales, following selected summary transactions occurred. and indicate the statement Jan. 15 presentation of financing Made Colaw credit card sales totaling $18,000. (There were no balances prior to January 15.) Made Visa credit card sales (service charge fee 2%) totaling $4,500. Collected $10,000 on Colaw credit card sales. Added finance charges of 1.5% to Colaw credit card account balances. charges and service charge expense. (LO 2) 20 Feb. 10 15 Instructions Journalize the transactions for Colaw Stores. E8-10 Elburn Supply Co. has the following transactions related to notes receivable during Journalize entries for notes the last 2 months of 2017. The company does not make entries to accrue interest except at December 31. receivable transactions. (LO 3) Nov. 1 Dec. 1 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note. Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest revenue on all notes receivable. 16 31 Instructions (a) Journalize the transactions for Elburn Supply Co. (b) Record the collection of the Lopez note at its maturity in 2018. Journalize entries for notes