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Record the transactions Current Attempt in Progress Sunland Retail Shop allows customers to use debit and bank credit cards as well as cash for purchases
Record the transactions
Current Attempt in Progress Sunland Retail Shop allows customers to use debit and bank credit cards as well as cash for purchases of merchandise. The company does not accept personal cheques. Sunland's bank charges $1.10 for every debit card transaction and 6% for bank credit card transactions. On July 1, the company established a petty cash fund. Before it created the petty cash fund, cash was taken from the cash register whenever someone needed cash to pay for a small expense. The following transactions happened in July: July 1 Established the petty cash fund by cashing a cheque for $220. 8 Total sales for the week were $34,250. Customers paid for these purchases as follows: $12,250 in cash, $9,000 on debit cards (160 transactions), and the balance using bank credit cards. 8 Replenished the petty cash fund. On this date, the fund consisted of $64 in cash and the following petty cash receipts: Freight out $51 Supplies 26 Advertising in local paper 34 Personal withdrawal by owner, R. Sunland 39 15 Total sales for the week were $30,655. Customers paid for these purchases as follows: $11,655 in cash, $10,000 on debit cards (180 transactions), and the balance using bank credit cards. 25 Replenished the petty cash fund and decreased the balance to $180. On this date, the fund consisted of $54 in cash and the following petty cash receipts: Postage $46 Advertising in local newspaper 54 Supplies 57 (a) Record the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit July 1Step by Step Solution
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