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PART A: KNOWLEDGE [17 MARKS] 1) Pete's Hardware accepts its own credit card, as well as debit cards and bank and nonbank credit cards.
PART A: KNOWLEDGE [17 MARKS] 1) Pete's Hardware accepts its own credit card, as well as debit cards and bank and nonbank credit cards. Pete's is charged 2.5% for all bank credit card transactions, 3.25% for all nonbank credit card transactions. and $0.50 per transaction for all debit card transactions. In October and November 2016, the following summary transactions occurred: Oct. 15 Performed services totalling $12,000 for customers who used Pete's credit cards. [2 Marks] 20 Performed services totalling $10,500 for customers who used Visa credit cards. [2 Marks] 30 Performed services totalling $2,000 for customers who used nonbank credit cards. [2 Marks] Performed services totalling $6,000 for customers who used debit cards (100 transactions). [2 Marks] 31 Nov 15 Collected $9,000 of payments on Pete's credit cards. [1 Mark] 18 Collected the amount owing from the nonbank credit card companies for the October 30 transactions. [1 Mark] 30 Added interest charges of 21% to outstanding Pete's credit card balances. Interest is charged after 30 days from date of purchase. [2 Marks] Joumalize the above transactions for Pete's Hardware on the next page.
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