Question

i More Info Quick Running Shoes reports the following: (Click the icon to view the transaction information.) Journalize all entries required for Quick Running Shoes. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. 2018 Jul. 1 15 Jul. 4. 2018: Recorded credit card sales of $145,000, net of processor fee of 1%. Ignore Cost of Goods Sold. (Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit Recorded North American Express credit card sales of $145,000, net of processor fee of 1%. Ignore Cost of Goods Sold Recorded Vista credit card sales of 596,000. Processor charges a 3% fee. Vista charges the fee at the end of the month, therefore Quick uses the gross method for these credit card sales. Ignore Cost of Goods Sold. Vista collected the fees for the month of July. Assume the July 15 transaction is the only Vista credit card sale. 2018 Jul. 1 31 Print Done Jul. 15, 2018: Recorded Vista credit card sales of S96,000. Processor charges a 3% fee. Vista charges the fee at the end of the month, therefore Quick uses the gross method for these credit card sales. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2018 Jul 15

Answer 1

Date	Particulars	Debit ($)	Credit ($)
July 1	Cash	143,550
	Credit card expense (145,000 * 1%)	1,450
	Sales revenue		145,000
	(To record credit card sales, net of fee)
July 15	Cash	96,000
	Sales Revenue		96,000
	(To record credit card sales)
July 31	Credit card Expense (96,000 * 3%)	2,880
	Cash		2,880
	(To record credit card fees collected)

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