Question

Exercise 9-11 Tamarisk Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred. 20 Jan. 15 Made Tamarisk credit card sales totaling $37,200. (There were no balances prior to January 15.) Made Visa credit card sales service charge fee 3%) totaling $5,900. Feb. 10 Collected $13,600 on Tamarisk credit card sales. 15 Added finance charges of 2.5% to Tamarisk credit card account balances. Journalize the transactions for Tamarisk Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit > < Click if you would like to Show Work for this question: Open Show Work

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Answer 9-11 Journal Entries Date Account Title and Explanation Debit ($) Credit ($) 37,200 Jan-15 Accounts Receivable Sales Revenue 37,200 Jan-20 Cash (5,900 - 177) Service Charge Fee Expense (5,900 * 3%) Sales Revenue 5,723 177 5,900 13,600 Feb-10 Cash Accounts Receivable 13,600 590 Feb-15 Accounts Receivables (37,200 - 13,600) * 2.5% Interest Revenue 590