Question 1 on july 4 mazies restaurant accepts a visa card, Ask an Expert

Accounting

Question: 1. On July 4, Mazie's Restaurant accepts a Visa card for a $250 dinner bill. Visa charges a 4% service fee.

Instructions: Prepare the entry on Mazie's books related to the transaction.

2. Moses Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31

Nov. 1 Loaned $60,000 cash to C. Bohr on a 12-month, 7% note.

Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 8% note.

16 Received a $12,000, 180-day, 9% note to settle an open account from A. Murdock.

31 Accrued interest revenue on all notes receivable.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92656992

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