Credit Card Sales Historically, 60 percent of the customer bills at the Andrews’ Supper Club have been paid with cash or...
Credit Card Sales Historically, 60 percent of the customer bills at the Andrews’ Supper Club have been paid with cash or check, and 40 percent have been paid using either the Great American Bank Card or the United Merchants Card. Andrews pays a four percent fee with both cards. Great American Bank deposits 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 slips are mailed. Prepare journal entries to record the following: Round to the nearest dollar.
a. Sales for September 10 were as follows: Cash and checks $1,340 Great American Bank Card (Deposited at the end of the day) 500 United Merchants Card (Mailed at the end of the day) 300 $2,140
b. On September 13, Andrews received an electronic funds transfer from United Merchants for the September 10 sales.
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Credit Card Sales Historically, 60 percent of the customer bills at the Andrews’ Supper Club have been paid with cash or...
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...
Please explain the process of getting the answers. Credit Card Sales Historically, 60 percent of the...
Please explain the process of getting the answers.
Credit Card Sales Historically, 60 percent of the customer bills at the Andrews' Supper Club have been paid with cash or check, and 40 percent have been paid using either the Great American Bank Card or the United Merchants Card. Andrews pays a five percent fee with both cards. Great American Bank deposits cash in Andrews' checking account when the credit card sales slips are deposited. United Merchants makes an electronic funds...
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...
October sales are estimated to be $240,000, of which 40 percent will be cash and 60...
October sales are estimated to be $240,000, of which 40 percent will be cash and 60 percent will be credit. The company expects sales to increase at the rate of 25 percent per month. Prepare a sales budget. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts. The cost of goods sold is 60 percent of sales. The company desires to maintain...
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only point 1 You have been asked to prepare a December cash budget for Ashton Company,...
only
point 1
You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The town information is available about the company's operations: a. The cash balance on December 1 is $47.000. b. Actual sales for October and November and expected sales for December are as follows: bok Cash sales Sales on account October November December $ 83,000 $ 79,000 $ 85,600 $ 500,000 $ 624,000 $ 674,000 int Sales on account are...
You have been engaged as a consultant to design a master budget model and then to...
You have been engaged as a consultant to design a master budget model and then to assist Helping Hand Corp. in making some management decisions based on that master budget. Helping Hand is a small, rapidly growing wholesaler of consumer electronic products. The company's main product lines are small kitchen appliances and power tools. The marketing manager has recently completed a sales forecast. She believes the company's sales will increase by 2 percent each month over the previous month's sales...
You have been engaged as a consultant to design a master budget model and then to...
You have been engaged as a consultant to design a master budget model and then to assist Helping Hand Corp. in making some management decisions based on that master budget. Helping Hand is a small, rapidly growing wholesaler of consumer electronic products. The company's main product lines are small kitchen appliances and power tools. The marketing manager has recently completed a sales forecast. She believes the company's sales will increase by 2 percent each month over the previous month's sales...
PLEASE SHOW ALL WORK!! You have been engaged as a consultant to design a master budget...
PLEASE SHOW ALL WORK!! You have been engaged as a consultant to design a master budget model and then to assist Helping Hand Corp. in making some management decisions based on that master budget. Helping Hand is a small, rapidly growing wholesaler of consumer electronic products. The company’s main product lines are small kitchen appliances and power tools. The marketing manager has recently completed a sales forecast. She believes the company’s sales will increase by 2 percent each month over...
Please show ALL work, including formulas used and equations for excel You have been engaged as...
Please show ALL work, including formulas used and equations for excel You have been engaged as a consultant to design a master budget model and then to assist Helping Hand Corp. in making some management decisions based on that master budget. Helping Hand is a small, rapidly growing wholesaler of consumer electronic products. The company’s main product lines are small kitchen appliances and power tools. The marketing manager has recently completed a sales forecast. She believes the company’s sales will...
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...
Please explain the process of getting the answers.
Credit Card Sales Historically, 60 percent of the customer bills at the Andrews' Supper Club have been paid with cash or check, and 40 percent have been paid using either the Great American Bank Card or the United Merchants Card. Andrews pays a five percent fee with both cards. Great American Bank deposits cash in Andrews' checking account when the credit card sales slips are deposited. United Merchants makes an electronic funds...
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...
108 CHAPTER 4 MANAGING WORKING CAPITAL AND CONTROLLING CASH ACCOUNT RECONCILIATION: A service provided by banks whereby banks reconcile a business's cash accounts and create summary reconciliation reports. SWEEP ACCOUNTS: Accounts where banks automatically invest surplus cash balances in secure overnight accounts. Earnings are usually based on the federal funds traded rate, and the interest earned is credited daily. LOCKBOX: A service whereby banks assign customers a specially numbered P.O. box and collect and process payments on a daily basis....
only
point 1
You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The town information is available about the company's operations: a. The cash balance on December 1 is $47.000. b. Actual sales for October and November and expected sales for December are as follows: bok Cash sales Sales on account October November December $ 83,000 $ 79,000 $ 85,600 $ 500,000 $ 624,000 $ 674,000 int Sales on account are...
You have been engaged as a consultant to design a master budget model and then to assist Helping Hand Corp. in making some management decisions based on that master budget. Helping Hand is a small, rapidly growing wholesaler of consumer electronic products. The company's main product lines are small kitchen appliances and power tools. The marketing manager has recently completed a sales forecast. She believes the company's sales will increase by 2 percent each month over the previous month's sales...
You have been engaged as a consultant to design a master budget model and then to assist Helping Hand Corp. in making some management decisions based on that master budget. Helping Hand is a small, rapidly growing wholesaler of consumer electronic products. The company's main product lines are small kitchen appliances and power tools. The marketing manager has recently completed a sales forecast. She believes the company's sales will increase by 2 percent each month over the previous month's sales...
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