Home Appliances allows customers to pay for merchandise with cash, debit cards, bank creditcards, or a Home Appliance Credit Card. The bank charges Home Appliances $1.00 for each debitcard sale and a 4% fee for bank credit card sales. On September 25 a customer makes a $1,200purchase from Home Appliances using her debit card.1.Instructions:Prepare Home Appliances' journal entry to record this transaction.b. Assume instead the customer pays for her purchase using her Mastercard. Record thea.transaction.С.Assume instead the customer uses her Home Appliances store credit card. Record thetransaction.

The procedure of entering business transactions for the first time in the books of accounts is known…

1. Home Appliances allows customers to pay for merchandise with cash, debit cards, bank credit cards, or a Home Appliance Credit Card. The bank charges Home Appliances $1.00 for each debit card sale and a 4% fee for bank credit card sales. On September 25 a customer makes a $1,200 purchase from Home Appliances using her debit card. ructions: a. Prepare Home Appliances' journal entry to record this transaction. b. Assume instead the customer pays for her purchase using her Mastercard. Record the transaction. C. Assume instead the customer uses her Home Appliances store credit card. Record the transaction.

1. Home Appliances allows customers to pay for merchandise with cash, debit cards, bank credit cards, or a Home Appliance Credit Card. The bank charges Home Appliances $1.00 for each debit card sale and a 4% fee for bank credit card sales. On September 25 a customer makes a $1,200 purchase from Home Appliances using her debit card. ructions: a. Prepare Home Appliances' journal entry to record this transaction. b. Assume instead the customer pays for her purchase using her Mastercard. Record the transaction. C. Assume instead the customer uses her Home Appliances store credit card. Record the transaction.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Nn.195. Subject:- Account
Record the transactions in the cash receipts journal. Use two lines for December 7 and December 14 transactions. Enter the cash sales first, followed by bank credit card sales. Total the columns. Use the general journal to record sales returns and allowances. Enter the posting references when you complete part 2.
company A sells $1,500 of merchandise on account to company B with credit terms of 2/10, n/30. If company B remits a check taking advantage of the discount offered, what is the amount of Company B's check?? -$1,470 -$1,050 -$1,200 -$1,350
Describe the transaction recorded. Cash 593.60 Sales Tax Payable 44.80 Sales 560.00 Credit CardExpense 11.20 (Select all your answers.) Sold merchandise for cash, plus sales tax. Purchased goods plus freight. Company deposited cash from the sale. Customer paid by bank credit card. Discount charged by bank to the seller. Interest credited by the bank.
Munabhai
Greenleaf Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash payments journal. June 3 Issued Check Number 380 to Skipp Corporation to buy office supplies for $375. June 5 Purchased merchandise for $4,600 on credit from Buck Company, terms n/15. June 20 Issued Check Number 381 for $4,600 to Buck Company to pay for the June 5 purchase. June 23 Paid salary of $6,200 to T. Bourne by issuing Check Number 382. June 26 Issued Check Number 383 for $5,750 to pay off a note payable to UT Bank.
If a company accepts credit cards, they must record the expense on their books. Please prepare the journal entries for the following scenario: Company A sells $480,000 on credit card sales. The credit card charges a 4.5% fee for the use of the card. The card company also deposits the cash into the company’s bank account the same night as the credit cards are accepted.
Help
Jul 13 The owner, Jen Beck, withdrew $2,000 cash for personal use, Check No. 78. Memorize the transaction for payments every two weeks. Next payment is July 27, 2022. Just tell me in quickbooks where do i record this transaction? bill (enter bills window) credit (enter bills window) bill pmt - check (pay bills window) check (write checks window) invoice (create invoices window) payment (receive payments window) sales receipt (enter sales receipts window) deposit (make deposit window) general journal (make general journal entries window) inventory adjust (adjust quantity/value on hand window) sales tax payment (pay sales tax window) paycheck (pay employees window) liability check (pay payroll liabilities window) transfer (transfer funds between accounts window) credit card charge (enter credit card charges window) credit memo (create credit memos/refunds window) discounts (receive payments window)
Subject: acounting
Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts: Mastercard $756 Visa 486 The merchant's charges are 1.8% for Mastercard and 2.1% for Visa. Frank's also had cash sales of $375 and $800 of sales on credit to a local business. Required: Prepare the journal entry to record these sales.
Daryl Swan operates four video rental stores. She has just received the monthly bank statement at October31, 2019 from Bank of Montreal, and the statement shows an ending balance of $4,180. Listed on thestatement are an EFT rent collection by the bank for Swan of $150, a service charge of $15, four NSFcheques totalling $100, and a $20 charge for printed cheques. In reviewing her cash records, Swanidentifies outstanding cheques totalling $306 and an October 31 deposit in transit of $1,002. DuringOctober she recorded a $315 cheque for the salary of a part-time employee as $31. Swan’s Cash accountshows an October 31 cash balance of $5,145.Required:1. Prepare a bank reconciliation for Daryl Swan to determine how much cash Swan actually has atOctober 31, 2019?