Homework Answers
The entry to record the Credit card sale is:
b) Dr. Accounts Receivables 1940
Dr. Fees Expenses 60
Cr. Sales Revenue 2000
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bondiy tea shoppe had non bank issuers credit card sales
0.052 Bondi Tea Shoppe had non-bank...
During December, McComb Co. had net credit sales of $1,000,000. On December 1, 2017, the Allowance...
During December, McComb Co. had net credit sales of $1,000,000. On December 1, 2017, the Allowance for Doubtful Accounts had a debit balance of $2,000. Experience indicates that the ending balance in the allowance for doubtful accounts should be 5% of net credit sales (percentage-of-sales basis). If the accounts receivable balance at December 31 was $100,000, what amount should be reported as bad debt expense for the year? $48,000 $50,000 $2,000 $52,000 On April 1, Adams Inc. borrowed $10,000 from...
thx as soon as possible Q.056 Angie Company has the following accounts that were extracted from...
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Q.056 Angie Company has the following accounts that were extracted from the income statement: Beginning inventory $10,000 45,000 Gross sales Freight-in 3,000 Sales returns 5,000 Ending inventory 10,000 Purchases 15,200 The cost of sales is: Select one: a. $40,000 b. $35,200 c. $18,200 d. $19,000 0.065 Angie Ltd uses perpetual inventory system. The following is a summary of the purchases and sales of product C during August. Balance on hand 1 August 10 units $10...
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,...
Schofield Retailers accepted $40000 of Silver Bank MasterCard credit card charges for merchandise sold on August...
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.
as soon as possible thx so much 0.023 In doing the bank reconciliation your book balance...
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0.023 In doing the bank reconciliation your book balance is higher than your bank balance. This could be due to you not having: Select one: a. Recorded a direct debit in your accounts b. A direct credit for interest in your accounts c. Recorded un-presented cheques in the reconciliation d. A cheque being recorded for $552 in the books whereas it was actually written for $525 0.027 A cheque is written to replenish...
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card....
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...
Slate Corner Shoppe is a local convenience store with the following information: (Click the icon to view the informatio...
Slate Corner Shoppe is a local convenience store with the following information: (Click the icon to view the information.) Read the requirements. Requirement 1. Prepare the sales budget for November and December. Slate Corner Shoppe Sales Budget For the Months of November and December November December Cash sales Credit sales Total sales • October sales were $220,000. Sales are projected to go up by 15% in November (from the October sales) and another 30% in December (from the November sales)...
Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 3% charge...
Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 3% charge on sales for using its card. On May 26, Brinker had $5,300 In First Savings Bank Card credit sales. What entry should Brinker make on May 26 to record the deposit? Multiple Choice O Debit Cash $5,141; debit Credit Card Expense $159. credit Sales $5.300. O Debit Cash $5,300; credit Sales $5,300. 0 Debit Accounts Receivable $5,300: credit Sales $5.300. 0 Debit Accounts Receivable...
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...
Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which assesses a 3% charg...
Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which assesses a 3% charge on sales for using its card. On June 28, Jervis had $3,500 in NB Card credit sales. What entry should Jervis make on June 28 to record the deposit? Multiple Choice Debit Cash $3,500; credit Sales $3,500 Debit Accounts Receivable $3,500; credit Sales $3,500 O Debit Cash $3,605; credit Credit Card Expense $105; credit Sales $3,500 O Debit Cash $3,395; debit...
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Q.056 Angie Company has the following accounts that were extracted from the income statement: Beginning inventory $10,000 45,000 Gross sales Freight-in 3,000 Sales returns 5,000 Ending inventory 10,000 Purchases 15,200 The cost of sales is: Select one: a. $40,000 b. $35,200 c. $18,200 d. $19,000 0.065 Angie Ltd uses perpetual inventory system. The following is a summary of the purchases and sales of product C during August. Balance on hand 1 August 10 units $10...
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,...
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.
as soon as possible
thx so much
0.023 In doing the bank reconciliation your book balance is higher than your bank balance. This could be due to you not having: Select one: a. Recorded a direct debit in your accounts b. A direct credit for interest in your accounts c. Recorded un-presented cheques in the reconciliation d. A cheque being recorded for $552 in the books whereas it was actually written for $525 0.027 A cheque is written to replenish...
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...
Slate Corner Shoppe is a local convenience store with the following information: (Click the icon to view the information.) Read the requirements. Requirement 1. Prepare the sales budget for November and December. Slate Corner Shoppe Sales Budget For the Months of November and December November December Cash sales Credit sales Total sales • October sales were $220,000. Sales are projected to go up by 15% in November (from the October sales) and another 30% in December (from the November sales)...
Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 3% charge on sales for using its card. On May 26, Brinker had $5,300 In First Savings Bank Card credit sales. What entry should Brinker make on May 26 to record the deposit? Multiple Choice O Debit Cash $5,141; debit Credit Card Expense $159. credit Sales $5.300. O Debit Cash $5,300; credit Sales $5,300. 0 Debit Accounts Receivable $5,300: credit Sales $5.300. 0 Debit Accounts Receivable...
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...
Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which assesses a 3% charge on sales for using its card. On June 28, Jervis had $3,500 in NB Card credit sales. What entry should Jervis make on June 28 to record the deposit? Multiple Choice Debit Cash $3,500; credit Sales $3,500 Debit Accounts Receivable $3,500; credit Sales $3,500 O Debit Cash $3,605; credit Credit Card Expense $105; credit Sales $3,500 O Debit Cash $3,395; debit...
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