Bell provides $500 of services to customers on account with terms 3/10, n/30. The Service Revenueaccount is credited for $500. If the customer pays within 10 days, Bell will record which of the following?O Debit Service Revenue $500O Credit Cash $500O Credit Sales Discount $50O Debit Sales Discount $15

Sales discount refers to the relaxation provided by the business entity to its creditors. Every…

Answered: Bell provides $500 of services to…

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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Review the sales journal below. (Click the icon to view the sales journal.) Read the requirements. Requirement 1. Total each column of the sales journal. Date 2024 Jun. Jun. 1 8 101 Fletcher Jay 102 Iliana Flower 13 103 Jesse Thomas 28 104 George Westerberg 30 Totals 1. 2. Invoice No. Requirements 3. 4. Customer Account Debited Sales Journa Post. Accounts Receivable DR Ref. Sales Revenue CR Total each column of the sales journal. The following four-column accounts in the accounts receivable subsidiary ledger have been opened for you: Accounts Receivable-Flower; Accounts Receivable Jay; Accounts Receivable-Thomas; Accounts Receivable-Westerberg. Post the transactions to the accounts receivable subsidiary ledger. 1,260 2,225 360 900 Print The following selected four-column accounts in the general ledger have been opened for you: Accounts Receivable (112); Merchandise Inventory (118), Bal. $4,800; Sales Revenue (411); Cost of Goods Sold (511). Post the total of each column to the general…
Consider the following transaction: On March 6, Fun Cards sells 590 card decks with a sales price of $10 per deck to Padma Singh. The cost to Fun Cards is $3 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 3% fee for each sales transaction using its card. А. Payment is made using a credit, in-house асcount. В. Payment is made using a MoneyPlus credit card. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. 88 A. Mar. 6 To record sale of card decks Mar. 6 To record cost of sale B. Mar. 6 To record sale of card decks, 3% credit card fee 88 Mar. 6 To record cost of sale II II 1II I0
On May 10, Blossom Company sold merchandise for $11,600 and accepted the customer's America Bank MasterCard. America Bank charges a 4% service charge for credit card sales. Prepare the entry on Blossom Company's books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date May 10 eTextbook and Media List of Accounts Save for Later Account Titles Debit Credit Attempts: 0 of 3 used Submit Answer
On June 1, Target sold 100 HP laptops to UCF for $500 each with terms of 3/15, n30. On June 11, UCF paid their invoice and took the discount. What journal entry (debit and credit) should Target record on June 11? (Select all answers that apply) O Debit Sales Discounts $1,500 O Credit Sales Revenue $48,500 O Credit Sales Discounts $1,500 O Debit Accounts Receivable $48,500 O Credit Accounts Receivable $50,000 O Debit Cash $48,500 O Debit Accounts Receivable $50,000 O Credit Accounts Receivable $48,500 O Credit Sales Revenue $50,000 O Debit Cash $50,000 ASUS f4 f5 f6 X f7 f9 f10 f11 4. 5 6 7 8. 图

uppose you have a revolving credit account at an annual percentage rate of 12%, and your previous monthly balance is $389.79. Find your new balance (in $) if your account showed the following activity. Use the unpaid balance method. (Round your answer to the nearest cent.) Statement of Account Billing cycle: July 1–31 DATE DESCRIPTION OF TRANSACTIONS CHARGES July 04 Kit and Capoodle Pets $109.08 July 08 Payment 61.00 July 16 Cash advance 98.82 July 22 Mountain Vineyards 31.37 July 29 Vu Video (credit) 95.97 $
Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 23, assuming the customer made the correct payment on that date? A. Cash Sales Revenue Accounts Receivable B. Cash Sales Discounts Accounts Receivable Interest Revenue C. Cash Sales Discounts Accounts Receivable D. Cash Accounts Receivable Sales Revenue Select one: O A. Option A OB. Option B O C. Option C OD. Option D Clear my choice 45,540 460 46,000 460 45,540 460 46,000 46,000 46,000 460 46,000 45,540 460
Melody, Inc., accepts a national credit card. The collection fee is 6%. If credit card sales are $500, the correct journal is a. Accounts receivables 470 Sales 470 b. Accounts receivables 470 Credit card expense 30 Sales 500 c. Accounts receivables 500 Sales 500 d. Accounts receivable 500 Credit card discount 30 Sales 470
4
Pagan Restaurants accepts credit and debit cards as forms of payment. Assume Pagan had $10,000 of credit and debit card sales on April 30, 2023. 9. 10. Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Joumalize the sales transaction for the restaurant. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Journalize the sales transaction for the restaurant. 9. Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Journalize the sales transaction for the restaurant. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Apr. 30 10. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Joumalize the sales transaction for the restaurant. Date Apr. 30 Accounts and Explanation Debit Credit
From the following facts, Molly Roe has requested you to calculate the average daily balance. The customer believes the average daily balance should be $877.67. Respond to the customer’s concern. Note: Round your final answer to the nearest cent. 28-day billing cycle 3/18 Billing date $ 672 Previous balance 3/24 Payment $ 59 Credit 3/29 Charge: Sears 218 4/5 Payment 17 Credit 4/9 Charge: Macy’s 166 Average daily balance:
en June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the custome ays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000 Account Namė Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 ***. MAY 7
You have a credit card that charges a monthly interest rate of 1.85 %. The table below shows your activity for the month of May. Date May 1 May 3 May 8 May 17 May 20 May 23 May 31 Activity Beginning Balance Purchase 202.62 Payment Purchase Purchase Purchase Closing date Amount 1050.15 32.52 -1050.15 87.19 13.41 68.85 What is the interest charged on the unpaid balance from the previous month? $1050.15 What is the statement balance due for the May billing period? Question Help: Message instructor

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