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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A-8
Domestic
Provide correct answer
Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,941. The retailer receives a 30% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar. a.$10,459 b.$10,250 c.$19,214 d.$14,941
Company A purchases goods for cash on January 15. They purchase 10 items at a cost of $50 per item. 5 of these items are sold on January 29 for $700 cash. What is/(are) the entry/(ies) on January 29 to record the sale of the goods? O Debit Cash $700 Credit Sales Revenue S700 O Debit Accounts Receivable $700 Credit Sales Revenue $700 Debit Cost of Goods Sold $250 Credit Inventory $250 Debit Cash $700 Credit Sales Revenue $700 Debit Cost of Goods Sold S250 Credit Inventory $250 O Debit Cash $700 Credit Sales Revenue $700 Debit Cost of Goods Sold $500 Credit Inventory 5500
How do you make a general journal entry for these sales transactions?
3. On March 3, Greentree Appliances sells $480,000 of its receivables to Naomi Factors, Inc. Naomi Factors assesses a finance charge of 6% of the amount of receivables sold. Prepare the entry on Greentree Appliance's books to record the sale of the receivables. List two advantages to Greentree to using a factor. Date Account Titles and Explanation Ref Debit Credit EXTRA CREDIT: List two advantages to Greentree due to using a factor.
am. 103.
A certain person bought merchandise for $ 3,500 with conditions or terms of payment of 5/10, n / 30. In order to pay within the discount period, she took out a loan at 6% interest. How much did you save if you used the loan to pay for merchandise that had a cash discount? A. $147.77 B. $163. 92 C. $183. 94 D. $198. 23
Please help me with this question
Bramble Corporation sells merchandise on account for $4800 to Kingbird Corporation with credit terms of 2/10, n/30. Kingbird returns $800 of merchandise that was damaged, along with a cheque to settle the account within the discount period. What is the amount of the cheque? $4704 $4000 $3920 $4800
Journalize the following merchandise transactions:c. Issued a credit memo to Wilson Company for returned merchandise that was sold for $4,000, terms n/30. The cost of the merchandise returned was $2,275