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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please provide answer in text (Without image), every entry should have narration please
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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