Question

Requirement 1. Suppose Winter Retreats' 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 Debit Credit Data Table National Express credit card sales ValueCard debit card sales S 10,200 9,000 Now journalize the debit card sales net of the fee Print Done Accounts and Explanation Debit Credit

Answer 1

Please post only one question at a time.

winter retreats question:

requirement 1:

journalise the credit sale net of fee :

1	Cash a/c	$9,894
	Credit card expense a/c	$306
	................To Sales revenue a/c		$10,200
	Record credit card sales net of fee.
	(amount :card expense = $10,200 * 3% =>$306) (cash = $10,200 - 306=>$9,894)

To record the debit card sales:

1	Cash	$8,730
	Credit card expense a/c	$270
	.............To Debit card sales a/c		$9,000
	Record debit card sales net off fee)
	(card expense = 9,000*3%=>$270) (cash = 9000-270 =>8,730)

requirement 2:

journalising credit card sales using gross method:

Cash a/c	$10,200
............To Sales revenue a/c		$10,200
(to record credit card sales)

journalising debit card sales under gross method:

cash a/c	$9,000
............To Sales revenue a/c	.	$9,000
(to record debit card sales)