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5. A retail business, Marathon Running Equipment summarized its monthly transactions below. Record the journal entries for these transactions. Sep. 1 15 Recorded National Express credit card sales of $96,000, net of processor fee of 1%. Ignore Cost of Goods Sold. Recorded Value Max credit card sales of $80,000. Processor charges a 1.5% fee. ValueMax charges the fee at the end of the month; therefore, Marathon uses the gross method for these credit card sales. Ignore Cost of Goods Sold. 30 ValueMax collected the fees for the month of September. Assume the September 15 transaction is the only ValueMax credit card sale. ACCOUNT DEBIT DATE CREDIT

5. A retail business, Marathon Running Equipment summarized its monthly transactions below. Record the journal entries for these transactions. Sep. 1 15 Recorded National Express credit card sales of $96,000, net of processor fee of 1%. Ignore Cost of Goods Sold. Recorded Value Max credit card sales of $80,000. Processor charges a 1.5% fee. ValueMax charges the fee at the end of the month; therefore, Marathon uses the gross method for these credit card sales. Ignore Cost of Goods Sold. 30 ValueMax collected the fees for the month of September. Assume the September 15 transaction is the only ValueMax credit card sale. ACCOUNT DEBIT DATE CREDIT

FINANCIAL ACCOUNTING
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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5. A retail business, Marathon Running Equipment summarized its monthly transactions below. Record the journal entries for these transactions. Sep. 1 Recorded National Express credit card sales of $96,000, net of processor fee of 1%. Ignore Cost of Goods Sold. 15 Recorded Value Max credit card sales of $80,000. Processor charges a 1.5% fee. ValueMax charges the fee at the end of the month; therefore, Marathon uses the gross method for these credit card sales. Ignore Cost of Goods Sold. 30 ValueMax collected the fees for the month of September. Assume the September 15 transaction is the only ValueMax credit card sale. DEBIT ACCOUNT DATE CREDIT
Transcribed Image Text:5. A retail business, Marathon Running Equipment summarized its monthly transactions below. Record the journal entries for these transactions. Sep. 1 Recorded National Express credit card sales of $96,000, net of processor fee of 1%. Ignore Cost of Goods Sold. 15 Recorded Value Max credit card sales of $80,000. Processor charges a 1.5% fee. ValueMax charges the fee at the end of the month; therefore, Marathon uses the gross method for these credit card sales. Ignore Cost of Goods Sold. 30 ValueMax collected the fees for the month of September. Assume the September 15 transaction is the only ValueMax credit card sale. DEBIT ACCOUNT DATE CREDIT
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