1. Sold $30,000 of merchandise, which cost $23,000, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $6,000 of merchandise, which cost $3,500, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet < 1 2 3 Transaction 1-a. Sold $30,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Note: Enter debits before credits. 4 General Journal Debit Credit

1. Sold $30,000 of merchandise, which cost $23,000, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $6,000 of merchandise, which cost $3,500, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet < 1 2 3 Transaction 1-a. Sold $30,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Note: Enter debits before credits. 4 General Journal Debit Credit

Name: 1. Sold $30,000 of merchandise, which cost $23,000, on Mastercard cre
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Description: 1. Sold $30,000 of merchandise, which cost $23,000, on Mastercard credit cards. Mastercard charges a 5% fee.2. Sold $6,000 of merchandise, which cost $3,500, on an assortment of bank credit cards. These cards charge a 4% fee.View transaction listJou

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...

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Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $40,000 of merchandise, which cost $31,000, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $7,000 of merchandise, which cost $4,000, on an assortment of bank credit cards. These cards charge a 4% fee. Journal Entry Worksheet 1.Sold $40,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. 2.Record the cost of the sale, $31,000. 3.Sold $7,000 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. 4.Record the cost of the sale, $4,000.
MacKenzie Company sold $480 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 2.0% fee for sales on its credit cards. The Journal entry to record this sales transaction would be: Multiple Choice Debit Cash of $480 and credit Accounts Receivable $480. Debit Cash $470.40; debit Credit Card Expense $9.60 and credit Sales $480. O Debit Cash $470.40 and credit Sales $470.40. O Debit Cash of $480 and credit Sales $480. O Debit Accounts Receivable $480 and credit Sales $480.
MacKenzie Company sold $220 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 5.0% fee for sales on its credit cards. The journal entry to record this sales transaction would be: Multiple Choice Debit Cash $209.00; debit Credit Card Expense $11.00 and credit Sales $220. Debit Cash of $220 and credit Accounts Receivable-Regional $220. Debit Cash of $220 and credit Sales $220. О Debit Cash $209.00 and credit Sales $209.00. О Debit Accounts Receivable-Regional $209.00; debit Credit Card Expense $11.00 and credit Sales $220.
Help Save & Exit Submit TB MC Qu. 07-148 (Algo) MacKenzie Company sold... Mackenzie Company sold $560 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 2.0% fee for sales on its credit cards. The journal entry to record this sales transaction would be: Multiple Choice Debit Cash of $560 and credit Sales $560. Debit Cash of $560 and credit Accounts Receivable $560. Debit Accounts Receivable $560 and credit Sales $560. Debit Cash $548.80; debit Credit Card Expense $11.20 and credit Sales $560. < Prev 15 of 20 Next 15 tv MacBook Air DII DD F2 F3 F4 F5 F7 F8 F9 #3 24 & * 3 6. 7 8 W R Y
A retailer purchases merchandise with a catalog list price of $28,100. The retailer receives a 16% trade discount and has credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period? O a. $23,132 O b. $24,166 O c. $23,604 O d. $28,100
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. These cards charge a 4% fee.Please use the numbers in my question and place correct solution on journal sheet as rrequested in the assignment please.
A retailer purchases merchandise with a catalog list price of $28,600. The retailer receives a 22% trade discount and has credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period (Round your answer to the nearest dollar)? Oa. $22,308 Ob. $21,862 Oc. $22,880 Od. $28,600
Help Save & Exit Submit TB MC Qu. 07-149 (Algo) MacKenzie Company sold... MacKenzie Company sold $460 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 6.0% fee for sales on its credit cards. The journal entry to record this sales transaction would be: Multiple Choice es Debit Cash of $460 and credit Sales $460. Debit Cash of $460 and credit Accounts Receivable-Regional $460. Debit Accounts Receivable-Regional $432.40; debit Credit Card Expense $27.60 and credit Sales $460. Debit Cash $432.40: debit Credit Card Expense $27,60 and credit Sales $460. MAR 15 étv MacBook Air 888 DII DD F2 F3 F4 F5 F6 F7 F8 F9 #3 2$ * & 3 4 6 7 8 W E R T
II. Lemon Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, n/30, and all sales are recorded at the gross price. Other customers can use a bank credit card where the bank deducts a 4% service charge for credit card sales and credits the bank account of Lemon immediately when credit card receipts are deposited. White uses the perpetual inventory method. June 4 Sold Php12,000 of merchandise (cost Php7,000) on credit to Grant Inc. Sold Php17,000 of merchandise (cost Php 9,350) to Libby Corp. who used a bank credit card, receipts were processed and deposited the same day. Sold Php8,500 of merchandise (cost Php 4,500) on credit to Emma Company. Accepted a Php 50,000, 45-day, 6% note dated this day in granting Cory Tam a time extension on his past-due account receivable. Received Grant's check in full payment of the purchase on June 4. Wrote off the account of Z. Westmore against the Allowance for Doubtful Accounts. The Php 1,580 balance stemmed…
Important Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period a. b. Merchandise (gross) $ S C. $ d. $ 7,800 24,200 80.600 17,000 Terms 2/10, n/60 1/15, n/90 1/10, n/30 3/15, n/45 Payment
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $38,000 of merchandise, which cost $29,400, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $6,800 of merchandise, which cost $3,900, on an assortment of bank credit cards. These cards charge a 4% fee.