Question

Restaurants do a large volume of business by credit and debit cards, Suppose Sand Island restaurant had these transactions on January 28, 2016 National Express credit card sales $ 11,000 ValueCard debit card sales 9,000 Requirements 1. Suppose Sand Island's processor charges a 6% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant 2. Suppose Sand Island's processor charges a 6% fee and deposits sales using the gross method. Journalize these sales transactions for the restau Requirement 1. Suppose Sand Island's processor charges a 6% fee and deposits sales net of the fee. Journalize these sale transactions for the restau debits first, then credits. Select the explanation on the last line of the joumal entry table.) Journalize the credit sales net of the fee, first Accounts and Explanation Debit Choose from any list or enter any number in the input fields and then click Check Answer 3 remaining 3 parts Clear All Check Answe

Answer 1

Answer-1- Journal entries for Net Sales method -Revenue recorded after net of charges or expenses

Accounts and Explanations	Debit	Credit
1. Processor charges -Credit card expense a/c Dr ($11,000*6%) Cash a/c Dr ($11,000-$660) Sales Revenue a/c (To record sales through National express credit card with the corresponding processing charges)	660 10,340	11,000
2. Processing charges -Debit card expense a/c Dr ($9,000*6%) Cash a/c Dr ($9,000-$540) Sales revenue a/c (To record  sales through Value card debit card with the corresponding processing charges)	540 8,460	9000

2-Journal entries for Gross Sales method -Revenue recorded on Gross basis

Accounts and Explanations	Debit	Credit
1. Cash a/c Dr Sales Revenue a/c (To record  sales through National express credit card under gross sales method)	11,000	11,000
2. Cash a/c Dr Sales revenue a/c (To record  sales through Value card debit card under gross sales method )	9000	9000
3- Processor charges -Credit card expense a/c Dr ($11,000*6%)    Processing charges -Debit card expense a/c Dr ($9,000*6%) Cash (To record payment of fees)	660 540	1,200

Kindly give me thumbs up if u like my answer...Thanks!!!