Homework Answers
Ans is B
Debit Credit
Cash : 196000 $
Credit Card Expenses : 4000 $
Sales Revenue : 200,000 $
(2000*2% = 4000)
We assumed here we have received immediate payment from card issuer
Sales being Reveune Account it is Credit with Full Amount
Cash Being Assets , (Remeber the Rule Debit what comes in , Credit what Comes ) ,
And Credit Card are Expenses that are borne by , expenses are debited.
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Conner, Inc., a retailer, cepts payment through credit cards. During August, credit card sales amounted to...
A Stello's Berry Farm accepted a bank-issued credit card in payment of a $1,300 sales transaction....
A Stello's Berry Farm accepted a bank-issued credit card in payment of a $1,300 sales transaction. Stelloh's bank charges 3% to process the transaction. The Journal entry to record the sales transaction will include (Ignore cost of goods sold) O A. a debit to Cash for $1,300 and a credit to Sales Revenue for $1,300 OB. a debit to Accounts Recevable for $1,261 and a credit to Sales Revenue for $1,261 O C. a debit to Accounts Receivable for $1,300,...
Credit Card Sales Historically 60 percent of the customer bills at the Andrews Supper Ou have...
Credit Card Sales Historically 60 percent of the customer bills at the Andrews Supper Ou have been paid with cash or check, and 40 percent have been paid using either the Great American Bank Card or the United Merchant Card Andrews pays a four percent fee with both cards. Great American Bank deposit cash in Andrews' checking account when the credit card sales slips are deposited. United Merchants makes an electronic funds transfer three days after the sales sis are...
Ultra Day Spa provided $89,850 of services during Year 1. All customers paid for the services with credit cards. Ultra s...
Ultra Day Spa provided $89,850 of services during Year 1. All
customers paid for the services with credit cards. Ultra submitted
the credit card receipts to the credit card company immediately.
The credit card company paid Ultra cash in the amount of face value
less a 1 percent service charge.
Required
a. Show the credit card sales (Event 1) and the
subsequent collection of accounts receivable (Event 2) in a
horizontal statements model like the one shown next. In the...
Question 3 Partially correct Mark 7.17 out of 11.00 Remove flag Credit Card Sales Le Kai...
Question 3 Partially correct Mark 7.17 out of 11.00 Remove flag Credit Card Sales Le Kai Arts sells quality art work, with prices for individual pieces ranging from $1,000 to $50,000. Sales are infrequent, typically only six to ten pieces per week. The following transactions occurred during the first week of June. Perpetual inventory is used. On June 1, sold an $1,800 framed print ($1,200 cost) to Likert Antiques on account, with 2/10, n/30 credit terms. On June 2, sold...
A Stello's Berry Farm accepted a bank-issued credit card in payment of a $1,300 sales transaction. Stelloh's bank charges 3% to process the transaction. The Journal entry to record the sales transaction will include (Ignore cost of goods sold) O A. a debit to Cash for $1,300 and a credit to Sales Revenue for $1,300 OB. a debit to Accounts Recevable for $1,261 and a credit to Sales Revenue for $1,261 O C. a debit to Accounts Receivable for $1,300,...
Credit Card Sales Historically 60 percent of the customer bills at the Andrews Supper Ou have been paid with cash or check, and 40 percent have been paid using either the Great American Bank Card or the United Merchant Card Andrews pays a four percent fee with both cards. Great American Bank deposit cash in Andrews' checking account when the credit card sales slips are deposited. United Merchants makes an electronic funds transfer three days after the sales sis are...
Ultra Day Spa provided $89,850 of services during Year 1. All
customers paid for the services with credit cards. Ultra submitted
the credit card receipts to the credit card company immediately.
The credit card company paid Ultra cash in the amount of face value
less a 1 percent service charge.
Required
a. Show the credit card sales (Event 1) and the
subsequent collection of accounts receivable (Event 2) in a
horizontal statements model like the one shown next. In the...
Question 3 Partially correct Mark 7.17 out of 11.00 Remove flag Credit Card Sales Le Kai Arts sells quality art work, with prices for individual pieces ranging from $1,000 to $50,000. Sales are infrequent, typically only six to ten pieces per week. The following transactions occurred during the first week of June. Perpetual inventory is used. On June 1, sold an $1,800 framed print ($1,200 cost) to Likert Antiques on account, with 2/10, n/30 credit terms. On June 2, sold...
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