Bramble Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.Made Bramble credit card sales totaling $25,800. (There were no balances prior to January 15.)Made Visa credit card sales (service charge fee 2%) totaling $5,800.Collected $12,000 on Bramble credit card sales.Added finance charges of 1.5% to Bramble credit card account balances.Jan. 1520Feb. 1015Journalize the transactions for Bramble Stores. (Credit account titles are automatically indented when amount is entered. Do not indentmanually. Record journal entries in the order presented in the problem.)Account Titles and ExplanationDateJan 15Jan. 20CashDebitCreditMÇT9MQMeMuVI65AcQ59Ace DateJan. 15Jan. 20.CashAccount Titles and ExplanationDebitCredit

Journal Entries Record All Business Transactions In The Accounting Journal. This Is The First Step…

Answered: Bramble Stores accepts both its own and…

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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A credit card company determines a card holder's minimum monthly payment by adding all new interest to 1.5% of the outstanding principal. The credit card company charges an interest rate of 0.05814% per day. On November 10, a customer used his credit card to pay for the following business expenses: van repairs ($654), equipment maintenance ($461), office supplies ($138), and dinner with clients ($123). Use the given information and the rule that minimum payments are rounded up to the nearest dollar to answer parts a and b below. a. Assuming the card holder had no new interest, determine his minimum payment due on December 1, his billing date. The card holder's minimum payment due on December 1 is $
The receivable tumover of Doris Co. for 2018 was 5 times with credit sales of P300,000. There are 300 business days during the year. The accounts receivable balance on Jan was P75,000. What was the accounts receivable balance on December 31, 2 2018 ?
20. Kiwi Company has an agreement with a major credit card company which calls for cash to be received ten days upon deposit of Kiwi customers' credit card sales receipts. The credit card company receives 3% of card sales as its fee. If Kiwi has $6,000 in credit card sales, show the journal entries to record the sales, and receipt of customer's payment.
A credit card bill for $559 was due on September 14. Purchases of $283 were made on September 19, and $12 was charged on September 28. A payment of $350 was made on September 25. The annual interest on the average daily balance is 21.5%. Find the finance charge due (in dollars) on the October 14 bill. (Use 365 for the number of days in a year. Round your answer to the nearest cent.)
Please help with the following question Q3: Shafer Company has the following accounts in its general ledger atJuly 31: Accounts Receivable $49,000 and Allowance for Doubtful Accounts $3,400. During August, the following transactions occurred. Aug.15Sold $30,000 of accounts receivable to More Factors, Inc. who assesses a 2% finance charge. 25Made sales of $2,500 on Visa credit cards. The credit card service charge is 3%. 28Made sales of $4,000 on Shafer credit cards. Instructions (a)Journalize the transactions. (b)Indicate the statement presentation of service charges. BR,
A machine shop has a credit card that offers rebates on purchases. At the end of May, the company had a credit card bill of $19,474.38. If the company must make a minimum payment that is the greater of $500 or 4.5% of the credit card bill, what is the minimum monthly payment for May? (Round your answer to the nearest cent.) $?
A credit card bill for $562 was due on September 14. Purchases of $286 were made on September 19, and $18 was charged on September 28. A payment of $350 was made on September 25. The annual interest on the average daily balance is 21.5%. Find the finance charge due (in dollars) on the October 14 bill. (Use 365 for the number of days in a year. Round your answer to the nearest cent.)
Replace all taxes given in the question with HST of 13%
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.) Month PreviousMonth'sBalance(in $) FinanceCharge(in $) Purchasesand CashAdvances Paymentsand Credits New BalanceEnd of Month(in $) April $643.17 $14.47 $32.45 $95.00 $595.09 May $ $ $283.33 $125.00 $
A machine shop has a credit card that offers rebates on purchases. At the end of May, the company had a credit card bill of $19,462.41. The company must make a minimum payment that is the greater of $500 or 4.5% of the credit card bill. (a) What is 4.5% of the credit card bill? (Round your answer to the nearest cent.) (b) What is the minimum monthly payment for May? (Round your answer to the nearest cent.)
On September 10, a credit card account had a balance of $450. A purchase of $47 was made of September 20, and $157 was charged on September 25. A payment of $175 was made on September 28. The interest rate on average daily balance is 1.25% per month. Find the finance charge on October 10 bill.
A small retailer allows customers to use two different credit cards in charging purchases. The CC Bank Card assesses a 4.6% service charge for credit card sales. The VIZA Card assesses a 3.8% charge on sales for using its card. This retailer also has its own store credit card. As of Feb 28 month-end, the retailer earned $65 in net interest revenue on its own card. Prepare journal entries to record the following selected credit card transactions. Feb. 2 Sold merchandise for $3,000 (that had cost $1800) and accepted the customer’s CC Bank Card. Feb. 6 Sold merchandise for $2200 (that had cost $1500) and accepted the customer’s VIZA Card. Feb 28 Recognized the $65 interest revenue earned on its store credit card for January.

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