Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question Gold Medal Running Shoes reports the following: (Click the icon to view the transaction information.) Journalize all entries required for Gold Medal Running Shoes.

image text in transcribed
image text in transcribed
image text in transcribed
Question Gold Medal Running Shoes reports the following: (Click the icon to view the transaction information.) Journalize all entries required for Gold Medal Running Shoes. (Record debits first, then credits. Select the explanation on the last line of the journal entry tal Jun 4, 2018: Recorded credit cards Date 0 More Info pound journal entry) Accounts al 2018 Jun 1 2018 Jun. 1 15 Rece Recorded North American Express credit card sales of $130,000, net of processor fee of 1%. Ignore Cost of Goods Sold Recorded Classic Card credit card sales of $88,000. Processor charges a 3.5% fee Classic Card charges the fee at the end of the month, therefore Gold Medal uses the gross method for these credit card sales. Ignore Cost of Goods Sold Classic Card collected the fees for the month of June. Assume the June 15 transaction is the only Classic Card credit card sale. 30 Choose from any list or enter any 2 Check Answer 2 parts remaining Print Done 9 ME Question Help The August 31 bank statement of Wollaston Healthcare has just arrived from Herkimer Bank. To prepare the bank reconciliation, you gather the following data 11. Click the icon to view the data) Read the requirements Requirement 1. Prepare the bank re * Data Table Bank: Orrecto ADD a. The August 31 bank balance is $5,790 b. The bank statement includes two charges for NSF checks from customers. One is for $420 (#1), and the other is for $140 (42) c. The following Wollaston Healthcare checks are outstanding at August 31 Check No. Amount 237 S 110 288 130 291 590 Choose from any list or enter any 510 294 Check Answer 6 b parts remaining Read the requirements. Requirement 1. Prepare the bank re 0 Data Table Bank: ADD 294 295 296 d. Wollaston collects from a few customers by EFT. The August bank statement lists a $1,800 EFT deposit for a collection on account. e. The bank statement includes two special deposits that Wollaston hasn't recorded yet: $750 for dividend revenue, and $60 for the interest revenue Wollaston earned on its bank balance during August f. The bank statement lists a $30 subtraction for the bank service charge. g. On August 31, the Wollaston treasurer deposited $280, but this deposit does not appear on the bank statement h. The bank statement includes a $900 deduction for a check drawn by Multi-State Choose from any list or enter any 6 Pemaining

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental financial accounting concepts

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward

8th edition

ISBN: 978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365

More Books

Students also viewed these Accounting questions

Question

Distinguish between formal and informal reports.

Answered: 1 week ago