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4 Ron Burgundy Company (RBC) accepts all major bank credit cards, including VISA, which assesses a 3% charge on sales for using its card. On March 20, RBC had $7,200 in Omni Card credit sales. What entry should RBC make on March 20 to record the sale (cash is immediately transferred to RBCs account) (ignore the cost of sale entry) a DR Cash $7,200, CR Sales 57,200 b. DR Accounts Receivable 57,200; CR Sales $7,200 C. DR Cash $6,984; DR Credit Card Expense $216; CR Ses 57,200 d. DR Accounts Receivable $6,984: DR Credit Card Expense $216; CR Sales $7,200 6. DR Cash $7,416; CR Credit Card Expense $216, CR Sales $7,200 5 An asset's book value is $24,000 on March 31, Year 3. The asset is being depreciated at an annual rate of $6,000 on the straight-line method. Assuming the asset is sold on September 30, Year 4 for $15,000, the company should record: a. Again on sale of $9,000 b. A gain on sale of $4,500 c. Again on sale of $3,000 d. A loss on sale of $3,000. c. No gain or loss 6 Teller sold merchandise to Penn on December 15th of the current year and Teller accepted Penn's $12,000, 90- day, 10% note. If the note is dishonored by Pene, what entry should Teller make on March 15th of the next year? a DR Sales Returns & Allowances $12,000, CR Notes Receivable $12,000. b. DR Accounts Receivable $12,300, CR Interest Receivable S50; CR Interest Income $250; CR Notes Receivable $12.000 C. DR Cash $12,300; CR Interest Receivable $50; CR Interest Income $250; CR Notes Receivable $12,000. d. DR Accounts Receivable $13,200; CR Interest Receivable $50; CR Interest Income $1,150; CR Notes Receivable $12,000. e. DR Allowance for Doubtful Accounts $12,300; CR Notes Receivable $12,300. 7 Plant assets are: 3. Tangible assets used in the operation of a business that have a useful life of more than one year, b. Tangible assets used in the operation of business that have a useful life of less than one year. Intangible assets used in the operations of a business that have a useful life of more than one year d. Intangible assets used in the operations of a business that have a useful life of less than one year e. Always held for sale and classified as a current asset