Barrys Convenience allows customers to pay for merchandise with cash, debit cards or bank credit cards. The bank charges the store $0.25 for each debit card sale and a 2% fee for bank credit card sales. On December 1, 2022, there was a total Debit sale of $3,600. Requirements1. Prepare journal entry to record this transaction assuming there were 45 Debit card transactions 2. How would you journalize the entries assuming the transactions were made using Credit Card? Record the transaction through journal entry. 3. Assume that there was only one transaction and the customer paid $1500 cash and rest on debit card. Record the transaction through journal entry. 4. Assume instead the customer paid $1500 cash and rest on credit card. Record the transaction through journal entry.

Barrys Convenience allows customers to pay for merchandise with cash, debit cards or bank credit cards. The bank charges the store $0.25 for each debit card sale and a 2% fee for bank credit card sales. On December 1, 2022, there was a total Debit sale of $3,600. Requirements1. Prepare journal entry to record this transaction assuming there were 45 Debit card transactions 2. How would you journalize the entries assuming the transactions were made using Credit Card? Record the transaction through journal entry. 3. Assume that there was only one transaction and the customer paid $1500 cash and rest on debit card. Record the transaction through journal entry. 4. Assume instead the customer paid $1500 cash and rest on credit card. Record the transaction through journal entry.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...

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