Homework Answers
Dear student, only one question is allowed at a time. I am answering the first question
Since the payments are received immediately from credit card company, there is no question of accounts receivable
Total Sales value = $580
Service charge percentage = 4%
Credit card expenses = Total Sales Value x Service Charge percentage
= $580 x 4%
= $23.20
Net amount received from credit card company
= Total sales value – Credit card expenses
= $580 - $23.20
= $556.8
The Journal entry will be as follows
| Date | Particulars | Amount Dr | Amount Cr |
| xxxx | Cash or Bank | 556.8 | |
| Credit card expenses | 23.2 | ||
| Sales | 580 | ||
| ( Being sales made through card ) |
So, as per above discussion, option D is the correct option
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Accounts Receivable for $40000.
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now
record the single entry needed to show the decrease in cash as a
result of the bank reconciliation.
chart of accounts
y lecorO he adustment for the additions to Cash as a result of the bank reconciliation Date Accounts Debit Credit (z) Cash 1,200 Interest Revenue 1,200 Now record the single entry needed to show the decrease in Cash as a result of the bank reconciliation Date Accounts Debit Credit Choose from any list or enter any number in...
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