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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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am. 68.
Transcribed Image Text: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.
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