Eastland Company regularly sells goods to customers who use National Express nonbank credit cards
Eastland Company regularly sells goods to customers who use National Express nonbank credit cards. Credit card sales on July 8 amounted to $1,000 and were subject to a 4% credit card company collection fee. Eastland should record sales of:
Homework Answers
Eastland should record sales of $ 1,000.
Explanation : Under both either the through banks credit cards or non bank credit cards, cash is received by the seller quickly as the merchant(National Express) that issue credit cards to its customers provides services which include billing, collections etc, for which merchant charges a percentage on the sales price and when the amount is deposited in the bank account of the seller, the fees is reduced from the deposits and is debited as the credit card expense.
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Eastland Company regularly sells goods to customers who use National Express nonbank credit cards
Need help please asap. Royal Gift Shop sells cards, supplies, and various holiday greeting cards. Sales...
Need help please asap.
Royal Gift Shop sells cards, supplies, and various holiday greeting cards. Sales to retail customers are subject to an 8 percent sales tax. The firm sells its merchandise for cash; to customers using bank credit cards, such as MasterCard and Visa; and to customers using American Express. The bank credit cards charge a 1 percent fee. American Express charges a 2 percent fee. Royal Gift Shop also grants trade discounts to certain wholesale customers who place...
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Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either...
Mayfair Co. allows select customers to make purchases on credit.
Its other customers can use either of two credit cards: Zisa or
Access. Zisa deducts a 5.0% service charge for sales on its credit
card. Access deducts a 4.0% service charge for sales on its card.
Mayfair completes the following transactions in June.
June
4
Sold $600 of merchandise on credit (that had cost $240) to
Natara Morris.
5
Sold $8,600 of merchandise (that had cost $3,440) to customers
who...
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either...
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need solved OBJ.2 EX 5-8 Sales-related transactions, including the use of credit cards Journalize the entries...
need solved
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Archer Co. allows select customers to make purchases on credit. Its other customers can use either...
Archer Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Commerce Bank or Aztec. Commerce Bank deducts a 3% service charge for sales on its credit card and immediately credits the bank account of Archer when credit card receipts are deposited. Archer deposits the Commerce Bank credit card receipts each business day. When customers use the Aztec card, Archer accumulates the receipts for several days and then submits them to...
Exercise 9-11 Tamarisk Stores accepts both its own and national credit cards. During the year, the...
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Need help please asap.
Royal Gift Shop sells cards, supplies, and various holiday greeting cards. Sales to retail customers are subject to an 8 percent sales tax. The firm sells its merchandise for cash; to customers using bank credit cards, such as MasterCard and Visa; and to customers using American Express. The bank credit cards charge a 1 percent fee. American Express charges a 2 percent fee. Royal Gift Shop also grants trade discounts to certain wholesale customers who place...
Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, Levine receives an immediate credit to its account when it deposits sales receipts. Suntrust assesses a 4% service charge for credit card sales. The second credit card that Levin accepts is Continental Card. Levin sends its accumulated receipts to Continental on a weekly basis and is paid by Continental a week later. Continental assesses a 2.5% charge...
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. Apr. 8 Sold merchandise for $7,500 (that had cost $5,543) and accepted the customer's Suntrust Bank Card. 12 Sold merchandise for $4,600 (that had cost...
Mayfair Co. allows select customers to make purchases on credit.
Its other customers can use either of two credit cards: Zisa or
Access. Zisa deducts a 5.0% service charge for sales on its credit
card. Access deducts a 4.0% service charge for sales on its card.
Mayfair completes the following transactions in June.
June
4
Sold $600 of merchandise on credit (that had cost $240) to
Natara Morris.
5
Sold $8,600 of merchandise (that had cost $3,440) to customers
who...
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zsa or Access. Zisa deducts a 3% service charge for sales on its credit card and credits the bank account of Mayfair immediately when credit card receipts are deposited. Mayfair deposits the Zisa credit card receipts each business day. When customers use Access credit cards, Mayfair accumulates the receipts for several days before submitting them to Access for payment. Access...
need solved
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