Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sunland Retail Shop allows customers to use debit and bank credit cards as well as cash for purchases of merchandise. The company does not

image text in transcribedimage text in transcribed

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 $1.25 for every debit card transaction and 5% 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 Established the petty cash fund by cashing a cheque for $310. 1 8 Total sales for the week were $32,500. Customers paid for these purchases as follows: $11,500 in cash, $9,000 on debit cards (140 transactions), and the balance using bank credit cards. 8 Replenished the petty cash fund. On this date, the fund consisted of $90 in cash and the following petty cash receipts: Freight out Supplies Advertising in local paper $71 36 47 Personal withdrawal by owner, R. Sunland 61 15 25 Total sales for the week were $28,900. Customers paid for these purchases as follows: $10,900 in cash, $10,000 on debit cards (160 transactions), and the balance using bank credit cards. Replenished the petty cash fund and decreased the balance to $270. On this date, the fund consisted of $60 in cash and the following petty cash receipts: Postage $70 Advertising in local newspaper 82 Supplies 86

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

Advanced Accounting

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

12th edition

133451860, 978-0133451863

More Books

Students also viewed these Accounting questions

Question

What are the different kinds of market segmentation options?

Answered: 1 week ago

Question

What are your options besides a rote memory approach?

Answered: 1 week ago

Question

Looking back, how could you have accelerated your career?

Answered: 1 week ago

Question

What does success mean to you?

Answered: 1 week ago