4. If instead of paying early, John pays in 25 days, what would be the journal entry to record the payment? 5. Rather than providing the financing directly, assume that Kate decides to allow the use of credit cards. Further, assume that during the month there is $15,000 worth of credit card sales, Provide the journal entry to record the sales, along with the associated credit card fee. The cost of the goods sold total $13,500.

4. If instead of paying early, John pays in 25 days, what would be the journal entry to record the payment? 5. Rather than providing the financing directly, assume that Kate decides to allow the use of credit cards. Further, assume that during the month there is $15,000 worth of credit card sales, Provide the journal entry to record the sales, along with the associated credit card fee. The cost of the goods sold total $13,500.

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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