Your company has given all sales personnel a company credit card for travel and entertainment expenses....
Your company has given all sales personnel a company credit card for travel and entertainment expenses. How would you use QuickBooks to record the sales force's expenses?
Homework Answers
1. Select the date of expense/ payment. Then Click on the expenses drop down and select sales force expenses in the drop down, then select purchase or charge based on the nature of payment made by the sales personnel. Then click on the "purchased from" drop down select the vendor and enter the amount. This would directly appear as liability in chart of accounts.
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Your company has given all sales personnel a company credit card
for travel and entertainment expenses....
6) City Mart reports that 38% of all purchases are made by credit card; your friend...
6) City Mart reports that 38% of all purchases are made by credit card; your friend manages a store and thinks this is true as well. What is the probability that the fourth customer of the day is the first customer to use a credit card? If a store typically has 212 sales an hour, how many people would you expect to use credit cards? ܓܝ What is the probability that there are exactly 101 credit card sales in an...
Q1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges...
Q1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges you 26% annual interest. If you make the minimum payments of $25 per month, how long will it take ( to the nearest month) to pay off your balance?
Q1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges...
Q1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges you 26% annual interest. If you make the minimum payments of $25 per month, how long will it take ( to the nearest month) to pay off your balance? Q2: At 5 percent compounded monthly, how long will it take to double your money?
Q1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges...
Q1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges you 26% annual interest. If you make the minimum payments of $25 per month, how long will it take ( to the nearest month) to pay off your balance? Q2: At 5 percent compounded monthly, how long will it take to double your money?
Exercise 9-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system...
Exercise 9-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card. Continental assesses a 2.5% charge on sales for using its card. Apr. 8 Sold merchandise for $4,600 (that had cost $2,956) and accepted the customer's Suntrust Bank...
Exercise 7-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system...
Exercise 7-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card Continental assesses a 25% charge on sales for using its card Sold nerchandise for $8,488 (that had cost $6,288) and accepted the custoner's Suntrust 12 Sold nerchandise...
Exerclse 7-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory s...
It said april 12 Accounts recievable- continental was wrong.
Exerclse 7-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card. Continental assesses a 2.5% charge on sales for using its card. Apr. 8 Sold merchandise for $8,48 (that...
A credit card company wants your business. If you accept their offer and use their card,...
A credit card company wants your business. If you accept their offer and use their card, they will deposit 2% of your monetary transactions into a savings account that will earn a guaranteed 4% per year. If your annual transactions total an average of $21,000, how much will you have in this savings plan after 17 years? Click the icon to view the interest and annuity table for discrete compounding when /-4% per year. Quiz No The amount you will...
Lansing Corporation has reported the following information: $ Credit card sales 80,000 Sales on account $...
Lansing Corporation has reported the following information: $ Credit card sales 80,000 Sales on account $ 50,000 Credit card sales receive a 3% discount. Sales on account are given terms of 2/10, n/30. 60% of sales on account were paid within the discount period. Net sales for the period are $127,000 $127,600 $157,600 $129,400
White Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, n/30, and all sales...
White Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, n/30, and all sales are recorded at the gross price. Other customers can use a bank credit card where the bank deducts a 4% service charge for credit card sales and credits the bank account of White immediately when credit card receipts are deposited. White uses the perpetual inventory method. Prepare journal entries to record the following selected transactions and events. June 10...
6) City Mart reports that 38% of all purchases are made by credit card; your friend manages a store and thinks this is true as well. What is the probability that the fourth customer of the day is the first customer to use a credit card? If a store typically has 212 sales an hour, how many people would you expect to use credit cards? ܓܝ What is the probability that there are exactly 101 credit card sales in an...
Exercise 9-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card. Continental assesses a 2.5% charge on sales for using its card. Apr. 8 Sold merchandise for $4,600 (that had cost $2,956) and accepted the customer's Suntrust Bank...
Exercise 7-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card Continental assesses a 25% charge on sales for using its card Sold nerchandise for $8,488 (that had cost $6,288) and accepted the custoner's Suntrust 12 Sold nerchandise...
It said april 12 Accounts recievable- continental was wrong.
Exerclse 7-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card. Continental assesses a 2.5% charge on sales for using its card. Apr. 8 Sold merchandise for $8,48 (that...
A credit card company wants your business. If you accept their offer and use their card, they will deposit 2% of your monetary transactions into a savings account that will earn a guaranteed 4% per year. If your annual transactions total an average of $21,000, how much will you have in this savings plan after 17 years? Click the icon to view the interest and annuity table for discrete compounding when /-4% per year. Quiz No The amount you will...
Lansing Corporation has reported the following information: $ Credit card sales 80,000 Sales on account $ 50,000 Credit card sales receive a 3% discount. Sales on account are given terms of 2/10, n/30. 60% of sales on account were paid within the discount period. Net sales for the period are $127,000 $127,600 $157,600 $129,400
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