Beckett Company made the following sales to credit card customers for the month of June. Visa charges a 2% processing fee and Amercian Express charges 3%. June 7 Beckett sold $5,000 of merchandise to Stevens Company. Stevens paid Beckett using a VISA card. The cost of merchandise sold was $2,700. June 18 Beckett sold $4,000 of merchandise to Markell Corp. Markell paid Beckett using an American Express card. The cost of merchandise sold was $1,800. June 26 Beckett sold $6,000 of merchandise to Johnson Co. Johnson paid Beckett using a VISA card. The cost of merchandise sold was $3,200. a. Record the journal entries in the journal provided. b. Calculate the total profit on credit card sales for the month. (Enter all amounts as positive amounts) a. General Journal Date Account Debit Credit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Note: Enter all amounts as positive amounts b. Beckett Company Profit on Credit Card Sales - June 0 0 0 0 0

Beckett Company made the following sales to credit card customers for the month of June. Visa charges a 2% processing fee and Amercian Express charges 3%. June 7 Beckett sold $5,000 of merchandise to Stevens Company. Stevens paid Beckett using a VISA card. The cost of merchandise sold was $2,700. June 18 Beckett sold $4,000 of merchandise to Markell Corp. Markell paid Beckett using an American Express card. The cost of merchandise sold was $1,800. June 26 Beckett sold $6,000 of merchandise to Johnson Co. Johnson paid Beckett using a VISA card. The cost of merchandise sold was $3,200. a. Record the journal entries in the journal provided. b. Calculate the total profit on credit card sales for the month. (Enter all amounts as positive amounts) a. General Journal Date Account Debit Credit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Note: Enter all amounts as positive amounts b. Beckett Company Profit on Credit Card Sales - June 0 0 0 0 0

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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Question

Beckett Company made the following sales to credit card customers for the month of June. Visa
charges a 2% processing fee and Amercian Express charges 3%.

June 7	Beckett sold $5,000 of merchandise to Stevens Company. Stevens paid Beckett using a VISA
	card. The cost of merchandise sold was $2,700.

June 18	Beckett sold $4,000 of merchandise to Markell Corp. Markell paid Beckett using an
	American Express card. The cost of merchandise sold was $1,800.

June 26	Beckett sold $6,000 of merchandise to Johnson Co. Johnson paid Beckett using a VISA
	card. The cost of merchandise sold was $3,200.

a. Record the journal entries in the journal provided.

b. Calculate the total profit on credit card sales for the month. (Enter all amounts
as positive amounts)

a.	General Journal
		Date	Account	Debit	Credit

					0
					0
					0

					0
					0

					0
					0
					0

					0
					0

					0
					0
					0

					0
					0



	Note: Enter all amounts as positive amounts
b.	Beckett Company
	Profit on Credit Card Sales - June

					0
					0
					0
					0
					0

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