(Answered) Prepare journal entries for the following credit card sales

Accounting

Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system).

1. Sold $ 20,000 of merchandise that cost $ 15,000, on MasterCard credit cards. The net cash receipts from sales are immediately deposited in the seller's bank account. MasterCard charges a 5% fee.

2. Sold $ 5,000 of merchandise that cost $ 3,000, on an assortment of credit cards. Net cash receipts are received 5 days later, and a 4% fee is charged.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91577045
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - assume that a parent company owns 100 of its

Question - Assume that a Parent company owns 100% of its Subsidiary. On January 1, 2016 the Parent company had a $1,000,000 (face) bond payable outstanding with a carrying value of $1,070,000. The bond was originally iss ...

Question - nuthatch corporation began its operations on

Question - Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business-September, October, and November-are $245,000, $303,000, and $400,000, respec ...

Question competencyjustify the proper accounting for

Question: Competency Justify the proper accounting for transactions with respect to accounting changes and error corrections using the accounting codification and other accounting research tools. Scenario: CM Corporation ...

Question - if colleen mooney invests 476550 now and she

Question - If Colleen Mooney invests $4,765.50 now and she will receive $12,000 at the end of 12 years, what annual rate of interest will Colleen earn on her investment? Compute the number of periods of a single amount. ...

Question - pattys party planners had 1500 of supplies on

Question - Patty's Party Planners had $1,500 of supplies on hand on January 1 2017. During the year, they purchased $30,850 of supplies with cash. On December 31, 2017, they had $4,220 of supplies on hand. Patty's Party ...

Question - retained earnings had a balance on january 1

Question - Retained Earnings had a balance on January 1, 2017, and December 31, 2017, respectively, of $234,500 and $411,000. Net income for the year was $199,500 and the only other event affecting Retained Earnings was ...

Question - on september 1 kennedy company loaned 120000 at

Question - On September 1, Kennedy Company loaned $120,000, at 10% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are onl ...

Question - restricted stockon december 31 2014 ying

Question - Restricted Stock On December 31, 2014, Ying Corporation granted 5,000 shares of its $1 par value common stock to certain of its key employees. The shares are restricted until 2 years of employment is completed ...

Question - in march stinson company completes jobs 10 and

Question - In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $27,700 and Job 11 $40,500. On March 31, Job 10 is sold to the customer for $40,500 in cash. Journalize the entries for the completion of the two ...

Question - cullumber company has recorded bad debt expense

Question - Cullumber Company has recorded bad debt expense in the past at a rate of 1.5% of accounts receivable, based on an aging analysis. In 2017, Cullumber decides to increase its estimate to 2%. If the new rate had ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert