Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose Turning Leaves Continental Breakfast'sTurning Leaves Continental Breakfast's processor charges a 6% fee and deposits sales using the gross method. Journalize these sale transactions for

Suppose Turning Leaves Continental Breakfast'sTurning Leaves Continental Breakfast's processor charges a 6% fee and deposits sales using the gross method. Journalize these sale transactions for the restaurant. (For purposes of this problem, only record the sales revenue portion of these transactions using the gross method. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

First journalize the credit sales using the gross method.

National Express credit card sales $11200

Valuecard debit card sales $11000

My answers were considered incorrect, thanks!

Accounts and Explanation

Debit

Credit

Cash

10528

Credit Card Expense

672

Sales Revenue

11200

Recorded credit card sales, net of fee.

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

An Introduction To Modern Financial Reporting Theory

Authors: Brian A Rutherford

1st Edition

9780761966074

More Books

Students also viewed these Accounting questions

Question

Which of the following are compiler - based languages?

Answered: 1 week ago