Part $1$ of $3$

Points: $0$ of $1$

Flash Running Shoes reports the following:

$($i$)($Click the icon to view the transaction information.$)$

Journalize all entries required for Flash Running Shoes. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

May $4,2024$: Recorded credit card sales of $$115,000,$ net of processor fee of $1\%.$ Ignore Cost of Goods Sold. $($Prepare a single compound journal entry.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[2024],[$May $1],[,,,],[,,,],[,,,],[,,,]]$

More info

$2024$

May $1$ Recorded Credit Express credit card sales of $$115,000,$ net of processor fee of $1\%.$ Ignore Cost of Goods Sold.

May $15$ Recorded Vista credit card sales of $$82,000.$ Processor charges a $3\mathrm{.}5\%$ fee. Vista charges the fee at the end of the month, therefore Flash uses the gross method for these credit card sales. Ignore Cost of Goods Sold.

May $31$ Vista collected the fees for the month of May. Assume the May $15$ transaction is the only Vista credit card sale.