Homework Answers
The fourth opition is correct one.
Explanation:
Total sale value = $180
The cash amount has been recieving from regional credit card company immediately at the time of sale and it has been deducting 4% service charges which is a credit card expense for Mackenzie comapny.
So, Credit card expense
= 4% of sale value = $180 × 4% = $7.2
And, Cash recieved
= Sale value - service charges
= $180 - $7.2
= $172.8
The journal entry is as follows:
Cash Dr.
$172.8
Credit card exp.
Dr. $7.2
Credit sales
$180
Here, Accounts receivable is not to be considered at all as the
payment has been recieved immediately at the time of sale.
_____×_____
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above are all the drop down options for the fill
in
Help Save & Exit Sub Merry Maidens Cleaning generally charges $270 for a detailed cleaning of a normal size home. However, to generate additional business, Merry Maidens is offering a new customer discount of 10%. On May 1, Ms. E. Pearson has Merry Maidens clean h and pays cash equal to the discounted price. Required: Record the revenue earned by Merry Maidens Cleaning on May 1. (If no entry...
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Accounts Receivable for $40000.
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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...
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Saved Help Save & Exit Sub Powers Company reported net sales of $1,270,000, average Accounts Receivable, net of $71,500, and net income of $54,000. The accounts receivable turnover ratio is: Multiple Cholce 0.56 times. 16.8 times. 33.5 times. 178 times. 18.8 times. < Prev 7 of 10 Next>
2- Required Saved Help Save & Exit 5 A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable $391,000 debit Allowance for uncollectible accounts 660 credit Net Sales 960,000 credit All sales are made on credit. Based on past experience, the company estimates that 0.5% of net credit sales are uncollectible. What amount should be debited to...
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above are all the drop down options for the fill
in
Help Save & Exit Sub Merry Maidens Cleaning generally charges $270 for a detailed cleaning of a normal size home. However, to generate additional business, Merry Maidens is offering a new customer discount of 10%. On May 1, Ms. E. Pearson has Merry Maidens clean h and pays cash equal to the discounted price. Required: Record the revenue earned by Merry Maidens Cleaning on May 1. (If no entry...
Youtube Maps Translate Canvas Saved iz (due 09/22) Help Save & Exit Davis Hardware Company uses a perpetual inventory system. How should Davis record the sale of merchandise, costing $700, and sold on account for $11207 Multiple Choice Inventory Accounts receivable Sales Sales revenue 700 700 1,120 1,120 1,120 1,120 Accounts receivable Sales revenue Cont of goods sold Inventory 700 700 Inventory Gain on sale sales revenge 700 420 1,120 1.120 Accounts receivable Sales revenue 700
Schofield Retailers accepted $40000 of Silver Bank MasterCard
credit card charges for merchandise sold on August 1. Silver Bank
charges 4% for its credit card use. The entry to record this
transaction by Schofield Retailers will include a credit to Sales
Revenue of $40000 and a debit(s) to
Accounts Receivable for $40000.
Accounts receivable for $38400 and Service Charge Expense for
$2400.
Cash for $38400 and Service Charge Expense for $1600.
Cash for $40000.
Help Save & Exit A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable Allowance for uncollectible accounts Net Sales $349,000 debit 660 debit 794,000 credit All sales are made on credit. Based on past experience, the company estimates 0.6% of net credit sales to be uncollectible What adjusting entry should the company make at the end...
The unadjusted trial balance at year end for a company that uses the percent of receivables method to determine its bad debts expense reports the following selected amounts: Accounts receivable Allowance for Doubtful Accounts Net Sales $ 444,000 Debit 1,340 Debit 2,190,000 Credit All sales are made on credit. Based on past experience, the company estimates 3.0% of ending account receivable to be uncollectible. What adjusting entry should the company make at the end of the current year to record...
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