Certainly! Here's a transcription of the text from the image:---**ACCT 2000 Study Guide - Chapter 5**3) Northern Industries accepted a credit card sale for $14,000. The credit card company charges 2%.a. What is the entry for this transaction on the horizontal equation?b. What is the impact of collecting the payment from the credit card company?(Show the individual accounts impacted in the asset section)| Assets | = | Liabilities | + | Stockholders’ Equity | Revenues | Expenses | = | Net Income | Cash Flow ||--------|---|-------------|---|----------------------|----------|----------|---|------------|-----------|| a. | | | | | | | | | || b. | | | | | | | | | |--- **Explanation:**This section of the study guide discusses financial transactions related to credit card sales. The company, Northern Industries, makes a credit card sale of $14,000 and needs to account for the 2% fee charged by the credit card company. The questions focus on creating appropriate accounting entries and analyzing the impact on financial statements using the horizontal equation format.The table provided serves as a framework for students to fill in, showing how this transaction affects different accounts in the balance sheet and income statement.

Debit the receiver, credit the giver. Debit what comes in, credit what goes out. Debit all expenses…

Answered: 3) Northern Industries accepted a…

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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required: please answer this question by choosing the right options.
The business made a sale of OMR 21000 ( cost was OR 18000), on credit basis. The effect on Account Receivable will be : Select one: a. Account Receivable will decrease by OMR 18000 b. Account Receivable will increase by OMR 21000 c. Account Receivable will decrease by OMR 21000 d. Account Receivable will increase by OMR 18000
19) Intercom, Inc. paid one of its creditors $678 on their balance due. The journal entry would require a: A) credit to Cash and a debit to Accounts Receivable. B) debit to Cash and a credit to Accounts Receivable. C) debit to Cash and a credit to Accounts Payable. Di debit to Accounts Payable and credit to Cash.
Explainations would be apprectiated and I would also like help with formating.
Prepare ram account from the following transaction
The business made a sale of OMR 21000 ( | cost was OR 18000), on credit basis. The effect on Account Receivable will be : Select one: O a. Account Receivable will decrease by OMR 21000 O b. Account Receivable will increase by OMR 18000 O c. Account Receivable will increase by OMR 21000 O d. Account Receivable will decrease by OMR 18000
Calculation of Net Realizable Value K. L. Dearborn owns a department store that has a $45,500 balance in Accounts Receivable and a $3,000 credit balance in Allowance for Doubtful Accounts. 1. Determine the net realizable value of the accounts receivable? 2. Assume that an account receivable in the amount of $500 was written off using the allowance method. Determine the net realizable value of the accounts receivable after the write-off?
I purchased goods on account for 8,200, terms 1/10, n/30. I returned $1,700 of the goods and received full credit. If I pay the invoice within the discount period, what is the amount of cash required for the payment? Round the answer to the nearest dollar.
What's the journal entry for sold services for $41,400 in cash and $4,600 on credit?
Tanger Company has three customers: E, F, and G. The beginning accounts receivable subsidiary ledger of customers F and G have $2,600 and $1,500, respectively. The beginning Accounts Receivable balance in the general ledger is $12,000. Calculate the ending amount in the accounts receivable subsidiary ledger account of customer E, if customer E also made a $3,900 payment. OA. $4,000 OB. $3,900 OC. $1,500 OD. $2,600
Please Do not Give Image Format
wner contributed computer costing RO. 9000, inventory worth OR 8000 and in cash OR 32000 . What is his Capital ? Select one: a. OR 49000 b. OR 8000 c. OR 32000 d. OR 39000 Rent revenue received OMR 3500 by cheque . The correct entry--- Select one: a. CASH A/C DR RENT A/C CR b. BANK A/C DR RENT A/C CR c. RENT A/C DR CASH A/C CR d. RENT A/C DR BANK A/C CR If a business has purchased goods for OMR 50000 and 25%was on account . Find out value of account payable? Select one: a. OMR 12500 b. OMR 50000 c. OMR 37500 d. OMR 32500

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