Restaurants do a large valine of business by credits and debit cards. Suppose spring Garden Salads restaurants had these transactions not January 28, 2018 Requirements1. Suppose Spring Garden Salads' processor charges a 6% fee and depositssales net of the fee. Journalize these sales transactions for the restaurant.2. Suppose Spring Garden Salads' processor charges a 6% fee and depositssales using the gross method. Journalize these sales transactions for therestaurant.PrintDoneData TableNational Express credit card sales $ 10,400ValueCard debit card sales7,000PrintDone (Click the icon to view the transactions.)Read the requirements.ACCounts and ExplamauonDebILCreditCash9,776Credit Card Expense624Sales Revenue10,400Recorded credit card sales, net of fee.Now journalize the debit card sales net of the fee.Accounts and ExplanationDebitCreditCashCredit Card ExpenseSales RevenueChoose from any list or enter any number in the input fields and then click Check Answer.

Credit card expense = Sales Revenue x 6% = $10,400 x 6% = $624 Debit card expense = Sales Revenue x…

1. Suppose Spring Garden Salads' processor charges a 6% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant. 2. Suppose Spring Garden Salads' processor charges a 6% fee and deposits sales using the gross method. Journalize these sales transactions for the restaurant. Print Done - X Data Table National Express credit card sales $ 10,400 ValueCard debit card sales 7,000

1. Suppose Spring Garden Salads' processor charges a 6% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant. 2. Suppose Spring Garden Salads' processor charges a 6% fee and deposits sales using the gross method. Journalize these sales transactions for the restaurant. Print Done - X Data Table National Express credit card sales $ 10,400 ValueCard debit card sales 7,000

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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Presented below are two independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On January 6, Novak Co. sells merchandise on account to Pryor Inc. for $13,500, terms 2/10, n/30. On January 16, Pryor Inc. pays the amount due. Prepare the entries on Novak’s books to record the sale and related collection. (b) On January 10, Andrew Farley uses his Paltrow Co. credit card to purchase merchandise from Paltrow Co. for $16,600. On February 10, Farley is billed for the amount due of $16,600. On February 12, Farley pays $8,300 on the balance due. On March 10, Farley is billed for the amount due, including interest at 4% per month on the unpaid balance as of February 12. Prepare the entries on Paltrow Co.’s books related to the transactions that occurred on January 10, February 12, and March 10. No. Date Account Titles and Explanation…
On June 30, 2021, Alpha Co.'s Mega branch showed a Home Office account balance of $2,735 and the Home Office books showed an investment branch Mega of $2,555. The following additional information is given: Home office was charged for $120 for merchandise returned by Mega branch (merchandise is in transit) $1,200 shipment, charged by Home Office to Mega branch was actually sent and retained by Taco branch. Home office collects a Mega branch accounts receivable of $360 and fails to notify the branch. $1,500 shipment, intended and charged to Pasta branch was shipped to Mega branch and retained by the latter $200 emergency cash transfer from Spaghetti branch was not recorded in the Home Office books Home office erroneusly recorded Mega's net income for May 2021 at $1,627.5 The branch reported a net income of $1,267.5 What is the reconciled amount of the Home Office and Mega branch reciprocal amount?
7 parts to question thanks in advance :) Brett Knight Company operates four bowling alleys. The business just received the October 31, 2024, bank statement from City National Bank, and the statement shows an Question Viewer D5. Listed on the statement are an EFT rent collection of $420, a service charge of $6, NSF checks totaling $45, and a $26 charge for printed checks. In cords, the business identified outstanding checks totaling $490 and a deposit in transit of $ 1,750. During October, the business recorded a $310 check by debiting Salaries Expense and crediting Cash for $31. The business's Cash account shows an October 31 balance of $2,101. Read the requirements. Requirement 1. Prepare the bank reconciliation at October 31. Prepare the bank portion of the reconciliation, followed by the book portion of the reconciliation. Brett Knight Company Bank Reconciliation October 31, 2024 Bank: ADD: LESS:
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Teal Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Teal estimates returns of 20%. Teal sells these planters on account for $1,500,000 (cost $825,000) on January 2, 2020. Customers are required to pay the full amount due by March 15, 2020. Your answer is correct. Prepare the journal entry for Teal at January 2, 202o. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2, Accounts Receivable 1,500,000 2020 Sales Revenue 1,500,000 (To recognize revenue.) Cost of Goods Sold 825000 Inventory 825000 (To record cost of goods sold.) eTextbook and…
can you please help me answer these questions... Aardvark Company sells merchandise only on credit. For the year ended December 31, 2019, the following data are available: Sales (all on credit) $1,200,000 Accounts Receivable, January 1, 2019 225,000 Allowance for doubtful accounts, January 1, 2019 (credit) 15,000 Cash collections during 2019 1,050,000 Accounts written off as uncollected (default) during 2019 10,000 Determine the balance of Accounts Receivable at December 31, 2019. Assume that the company estimates bad debts at 2% of credit sales. What amount will the company record as bad debt expense for 2019? What journal entry would Aardvark prepare to record bad debt expense for 2019 (related to part 2)? Assume that the company estimates bad debts based on the aging method, and the aging schedule estimates that $30,100 of the year-end accounts receivable will be uncollected. What amount will the company record as bad debt expense for 2019? What…
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Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12, the company receives a $500 check from Chad Thomas in settlement of Thomas's $1,240 outstanding accounts receivable. Due to Thomas's failing health, he is closing his company and is expecting to make no further payments to Discount Mart. Journalize this transaction. If an amount box does not require an entry, leave it blank. Dec. 12 Previous Next 品 1:01 PM T18 a 12/11/2020 2. hp
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Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Blue Spruce Restaurant accepted a Visa card in payment of a $125 lunch bill. The bank charges a 4% fee. What entry should Blue Spruce make? (b) Swifty Company sold its accounts receivable of $90,000. What entry should Swifty make, given a service charge of 2% on the amount of receivables sold?
Sun City Greenhouse had trouble collecting its account receivable from Sharma Suiza. On June 19, 2025, Sun City Greenhouse finally wrote off Suiza's $700 account receivable. On December 31, Suiza sent a $700 check to Sun City Greenhouse. Journalize the entries required for Sun City Greenhouse, assuming Sun City Greenhouse uses the direct write-off method. On June 19, 2025, Sun City Greenhouse wrote off Suiza's $700 account receivable. Journalize the entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Jun. 19 Accounts and Explanation Debit Credit