School Shoes reported the following: 2016 Jan 12 Recorded Visa card sales of $200,000 plus 10% GST,
Fantastic news! We've Found the answer you've been seeking!
Question:
School Shoes reported the following:
2016
Jan 12 Recorded Visa card sales of $200,000 plus 10% GST, less a 2.2% fee
July 1 Loaned $40,000 to Kelly Jones, an executive with the company, on a one-year, 11 % bill
Nov 30 Accrued interest revenue on the Jones bill
2017
Feb 28 Sold the Jones bill to Commonwealth Bank at 13% discount rate
Required:
Record the above transactions in the journal of School Shoes. Explanations are not required. Please show your calculations clearly.
Expert Answer:
Posted Date:
