Homework Answers
| Cash | 1593.18 | ||
| Accounts Receivable | 1000.00 | ||
| Service Charge expense | 23.82 | =(756*1.8%)+(486*2.1%) | |
| Sales revenue | 2617.00 | =756+486+375+1000 | |
| Record sales |
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Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near...
Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near...
Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts: MasterCard $756 Visa 486 The merchant's charges are 1.8% for MasterCard and 2.1% for Visa, Frank's also had cash sales of $375 and $1,000 of sales on credit to a local business Required: Prepare a journal entry to record these sales. If an amount...
Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near...
Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts: MasterCard $756 Visa 486 The merchant's charges are 1.8% for MasterCard and 2.1% for Visa, Frank's also had cash sales of $375 and $1,000 of sales on credit to a local business Required: Prepare a journal entry to record these sales. If an amount...
Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's...
Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts: MasterCard $756 Visa 486 The merchant's charges are 1.8% for MasterCard and 2.1% for Visa, Frank's also had cash sales of $375 and $1,000 of sales on credit to a local business. Required: Prepare a journal entry to record these sales. If an amount box does not require an entry, leave it blank....
cornerstone Exercise 5-25 (Algorithmic) Percentage of Credit Sales Clarissa Company has credit sales of $522,000 during...
cornerstone Exercise 5-25 (Algorithmic) Percentage of Credit Sales Clarissa Company has credit sales of $522,000 during 2019 and estimates at the end of 2019 that 2.5% of these credit sales will eventually default. Also, during 2019 a customer defaults on a $770 balance related to goods purchased in 2018. Prior to the write-off for the $770 default, Clarissa's accounts receivable and allowance for doubtful accounts balances were $402,000 and $129 (credit), respectively, Required: - 1. Prepare the journal entry to...
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Cornerstone Exercise 5-24 (Algorithmic) Sales Discounts Not Token Bolton sold a customer service contract with a price of $40,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, 1/30 and expects Sammy to pay within the discount period. Required: Prepare the journal entry assuming the payment is made after 10 days after the discount period). If an amount box does not require an entry, leave it blank. Cash 39,600 Sales Discounts x 400 Accounts Receivable 40,000 X Record collection within...
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Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory...
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Chapter 6 Homework Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use...
Chapter 6 Homework Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,100, and the cost of the merchandise sold was $2,450. Chapter 6 Homework $2,450. b. On April 1, Mathis paid freight charges of $100 cash...
Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts: MasterCard $756 Visa 486 The merchant's charges are 1.8% for MasterCard and 2.1% for Visa, Frank's also had cash sales of $375 and $1,000 of sales on credit to a local business Required: Prepare a journal entry to record these sales. If an amount...
Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts: MasterCard $756 Visa 486 The merchant's charges are 1.8% for MasterCard and 2.1% for Visa, Frank's also had cash sales of $375 and $1,000 of sales on credit to a local business Required: Prepare a journal entry to record these sales. If an amount...
Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts: MasterCard $756 Visa 486 The merchant's charges are 1.8% for MasterCard and 2.1% for Visa, Frank's also had cash sales of $375 and $1,000 of sales on credit to a local business. Required: Prepare a journal entry to record these sales. If an amount box does not require an entry, leave it blank....
cornerstone Exercise 5-25 (Algorithmic) Percentage of Credit Sales Clarissa Company has credit sales of $522,000 during 2019 and estimates at the end of 2019 that 2.5% of these credit sales will eventually default. Also, during 2019 a customer defaults on a $770 balance related to goods purchased in 2018. Prior to the write-off for the $770 default, Clarissa's accounts receivable and allowance for doubtful accounts balances were $402,000 and $129 (credit), respectively, Required: - 1. Prepare the journal entry to...
Cornerstone Exercise 5-24 (Algorithmic) Sales Discounts Not Token Bolton sold a customer service contract with a price of $40,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, 1/30 and expects Sammy to pay within the discount period. Required: Prepare the journal entry assuming the payment is made after 10 days after the discount period). If an amount box does not require an entry, leave it blank. Cash 39,600 Sales Discounts x 400 Accounts Receivable 40,000 X Record collection within...
ISussIohLocator assignment eBook Calculator Cornerstone Exercise 5-24 (Algorithmic) Sales Discounts Not Taken Bolton sold a customer service contract with a price of $40,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, n/30 and expects Sammy to pay within the discount period. Required: Prepare the journal entry assuming the payment is made after 10 days (after the discount period). If an amount box does not Prepare the journal entry assuming the payment s made after 10 days (after the discount...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,500, and the cost of the merchandise sold was $2,450. b. On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,500, and the cost of the merchandise sold was $2,450. b. On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its...
Chapter 6 Homework Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,100, and the cost of the merchandise sold was $2,450. Chapter 6 Homework $2,450. b. On April 1, Mathis paid freight charges of $100 cash...
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