When a company makes a sale and accepts a credit card payment from a customer, the...
When a company makes a sale and accepts a credit card payment from a customer, the company:
Multiple Choice
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debits Cash.
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debits Accounts Receivable.
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credits Cash.
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credits Accounts Receivable.
Homework Answers
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When a company makes a sale and accepts a credit card payment
from a customer, the...
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card....
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately The journal entry to record this sale transaction would be: Multiple Choice O Debit Cash of $580 and credit Accounts Receivable-Regional $580. ) Debit Cash of $580 and credit Sales $580. ooooo Debit Accounts...
The journal entry that records the collection of cash from a customer for payment on account...
The journal entry that records the collection of cash from a customer for payment on account for a sale that was recorded previously includes a debit to: Multiple Choice Accounts Receivable and credit to Cash. Cash and credit to Accounts Payable. Cash and credit to Accounts Receivable Accounts Payable and credit to Cash.
Holmes Company received payment from a customer within the discount period; the payment terms of the...
Holmes Company received payment from a customer within the discount period; the payment terms of the sale were 2/10, n/30. The journal entry to record this transaction is Debit Accounts Receivable $9,800; debit Sales Discounts $200; credit Cash $10,000 Debit Cash $10,000; credit Sales Discounts $200; credit Accounts Receivable $9,800 Debit Accounts R&ceivable $10,000; credit Cash $9,800: credit Sales Discounts $200 Debit Cash $9,800; debit Sales Discounts $200; credit Accounts Receivable $10,000
1)(3shouled 4Ashley Dreher is confused about how a retail company should record a credit card sale....
1)(3shouled 4Ashley Dreher is confused about how a retail company should record a credit card sale. She thinks it does not matter if the customer used a bank credit card, a nonbank credit card, or a company credit card-the retail company should always debit Accounts Receivable because the cus- tomer is not paying in cash. Is Ashley correct? Explain.
8. A company sells $10,000 of goods to a customer who pays with a credit card....
8. A company sells $10,000 of goods to a customer who pays with a credit card. The Credit Card company charges a 2.5% service charge. No cash is received. Record the sale of goods.
Franko Inc. just made a sale to a customer on account (aka. 'on credit) for $805,...
Franko Inc. just made a sale to a customer on account (aka. 'on credit) for $805, terms n/60. What would be the journal entry Franko shold make to record this sale? Multiple Choice Debit Accounts Receivable $805 and credit Sales Revenue $805 Debit Cash of $805 and credit Sales Revenue $805 Debit Sales Revenue $805 and credt Accounts Recelvable $805 Debit Accounts Recevable $805 and credt Cash $805 Prev14 of 34 Next> command option ion command
Scott Company made a credit sale of $2,500 to a customer on January 15, 2017. The...
Scott Company made a credit sale of $2,500 to a customer on January 15, 2017. The journal entry on January 15, 2017 is: Select one: a. Date Debit Credit 1/15/2017 Accounts Receivable 2500 Sales 2500 b. Date Debit Credit 1/15/2017 Sales 2500 Accounts Receivable 2500 c. Date Debit Credit 1/15/2017 Accounts Receivable 2500 Cash 2500 d. Date Debit Credit 1/15/2017 Cash 2500 Sales 2500
Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 3% charge...
Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 3% charge on sales for using its card. On May 26, Brinker had $5,300 In First Savings Bank Card credit sales. What entry should Brinker make on May 26 to record the deposit? Multiple Choice O Debit Cash $5,141; debit Credit Card Expense $159. credit Sales $5.300. O Debit Cash $5,300; credit Sales $5,300. 0 Debit Accounts Receivable $5,300: credit Sales $5.300. 0 Debit Accounts Receivable...
Saved Save & Exit Sub iz- Required Help Mackenzie Company sold $180 of merchandise to a...
Saved Save & Exit Sub iz- Required Help Mackenzie Company sold $180 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record this sale transaction would be: Multiple Choice 29 Debit Cash of $180 and credit Sales $180. Debit Cash of $180 and...
Creating customer invoices in Quickbooks: a. Debits a Revenue Account of choice and credits Accounts Receivable....
Creating customer invoices in Quickbooks: a. Debits a Revenue Account of choice and credits Accounts Receivable. b. Credits a Revenue Account of choice and debits Accounts Receivable. c. Debits a Revenue Account of choice and credits Cash. d. Credits a Revenue Account of choice and debits Cash.
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately The journal entry to record this sale transaction would be: Multiple Choice O Debit Cash of $580 and credit Accounts Receivable-Regional $580. ) Debit Cash of $580 and credit Sales $580. ooooo Debit Accounts...
The journal entry that records the collection of cash from a customer for payment on account for a sale that was recorded previously includes a debit to: Multiple Choice Accounts Receivable and credit to Cash. Cash and credit to Accounts Payable. Cash and credit to Accounts Receivable Accounts Payable and credit to Cash.
Holmes Company received payment from a customer within the discount period; the payment terms of the sale were 2/10, n/30. The journal entry to record this transaction is Debit Accounts Receivable $9,800; debit Sales Discounts $200; credit Cash $10,000 Debit Cash $10,000; credit Sales Discounts $200; credit Accounts Receivable $9,800 Debit Accounts R&ceivable $10,000; credit Cash $9,800: credit Sales Discounts $200 Debit Cash $9,800; debit Sales Discounts $200; credit Accounts Receivable $10,000
1)(3shouled 4Ashley Dreher is confused about how a retail company should record a credit card sale. She thinks it does not matter if the customer used a bank credit card, a nonbank credit card, or a company credit card-the retail company should always debit Accounts Receivable because the cus- tomer is not paying in cash. Is Ashley correct? Explain.
Franko Inc. just made a sale to a customer on account (aka. 'on credit) for $805, terms n/60. What would be the journal entry Franko shold make to record this sale? Multiple Choice Debit Accounts Receivable $805 and credit Sales Revenue $805 Debit Cash of $805 and credit Sales Revenue $805 Debit Sales Revenue $805 and credt Accounts Recelvable $805 Debit Accounts Recevable $805 and credt Cash $805 Prev14 of 34 Next> command option ion command
Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 3% charge on sales for using its card. On May 26, Brinker had $5,300 In First Savings Bank Card credit sales. What entry should Brinker make on May 26 to record the deposit? Multiple Choice O Debit Cash $5,141; debit Credit Card Expense $159. credit Sales $5.300. O Debit Cash $5,300; credit Sales $5,300. 0 Debit Accounts Receivable $5,300: credit Sales $5.300. 0 Debit Accounts Receivable...
Saved Save & Exit Sub iz- Required Help Mackenzie Company sold $180 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record this sale transaction would be: Multiple Choice 29 Debit Cash of $180 and credit Sales $180. Debit Cash of $180 and...
Creating customer invoices in Quickbooks: a. Debits a Revenue Account of choice and credits Accounts Receivable. b. Credits a Revenue Account of choice and debits Accounts Receivable. c. Debits a Revenue Account of choice and credits Cash. d. Credits a Revenue Account of choice and debits Cash.
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