Accounting for credit card saleson july 20 wolverine, Ask an Expert

Accounting

Accounting for Credit Card Sales

On July 20, Wolverine presents credit card receipts to its bank in the amount of $10,000; the collection charge is 4%. Prepare the journal entry on Wolverine's books on July 20, the date of deposit.

Accounting for Sale of Stock

On March 5, Spartan sold stock in another company for $12,300. Spartan bought the stock on February 14 for $10,100. Prepare the journal entry on Spartan's books on March 5.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91625009

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