Question

Restaurants do a large volume of business by credit and debit cards. Suppose Parisian Cuisine restaurant had these transactions on January 28, 2016 National Express credit card sales $ 9,700 ValueCard debit card sales 7.000 Requirements 1. Suppose Parisian Cuisine's processor charges a 3% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant 2. Suppose Parisian Cuisine's processor charges a 3% fee and deposits sales using the gross method. Journalize these sales transactions for the restaurant Requirement 1. Suppose Parisian Cuisine's processor charges a 3% fee and deposits sales net of the fee. Journalize these sale transactions for the restaurant (Record debits first, then credits Select the explanation on the last line of the journal entry table.) Journalize the credit sales net of the fee, first Accounts and Explanation Credit Cash Credit Card Expense Debit 7857 291 Choose from any list or enter any number in the input fields and then click Check Answer 3 parts Clear All Final Check remaining

Answer 1

Solution:

Requirement 1:

Event	Accounts and Explanation	Debit	Credit
1	Cash	$        9,409
	Credit Card Expense	$           291
	Sales Revenue		$        9,700
	(Being credit card sales, net of fee)
2	Cash	$        6,790
	Debit Card Expense	$           210
	Sales Revenue		$        7,000
	(Being debit card sales, net of fee)

Requirement 2:

Event	Accounts and Explanation	Debit	Credit
1	Cash	$        9,700
	Sales Revenue		$        9,700
	(Being credit card sales)
2	Cash	$        7,000
	Sales Revenue		$        7,000
	(Being debit card sales)