Concord Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurredJan. 1520Feb. 1015Made Concord credit card sales totaling NT$37.500. (There were no balances prior to January 15.)Made Visa credit card sales (service charge fee 3%) totaling NT$4,900.Collected NT$11,700 on Concord credit card sales.Added finance charges of 2.5% to Concord credit card account balances.Journalize the transactions for Concord Stores. (Credit account titles are automatically indented when amount is entered. Do not indentmanually. Record journal entries in the order presented in the problem.)

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

Answered: Concord 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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H5.
A company had the following sales transactions: 1. Total debit card sales = $280,000. 2. Total credit card sales = $410,000. 3. Total cash sales = $840,000. 4. Total check sales = $160,000. There is a charge of 3% on all credit card transactions. There is no charge on debit card transactions. Calculate total sales revenue recorded for the year. Sales revenue
A credit card balance at the beginning of November is $4,000. On Nov. 3 a $300 charge is made. On Nov. 8 a $1000 charge is made. On Nov. 15 a $900 payment is made. On Nov. 17 a $200 charge is made. On Nov. 21 a $800 charge is made. using the average daily balance method, Caculate the interest charged if the account has a 17.5% rate and the billing period is 30 days.
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Monthly Annual Finance Purchases Payments and New Previous Periodic Percentage Rate (APR) Charge (in $) and Cash Balance Balance Rate Advances Credits (in $) (as a %) $1,027.61 % 1% $322.20 $400.00
Accounts receivable management This table,, shows that Blair Supply had an end-of-year accounts receivable balance of $300,060 The table also shows how much of the receivables balance originated in each of the previous six months. The company had annual sales of $2.40 million and it normally extends 30-day credit terms to its customers. a. Use the year-end total to evaluate the firm's collection system. b. If 70% of the firm's sales occur between July and December, would this affect the validity of your conclusion in part a? Explain. a. The average collection period is days. (Round to two decimal places.) Data table (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Month of Amounts receivable origin July $3,880 August 2,005 September 33,995 October 15,150 November 52,005 December 193,025 Year-end accounts receivable $300,060 - X
Jumbotron Inc. collects its receivables in 15 days and pays its payables in 20 days. All sales and purchases are on credit. All months have 30 days. December purchases were $7,000, January purchases were $8,700, February purchase were $6,600 and March purchases were $6,000. What were Jumbotron's total cash disbursements in February? (To the nearest $) ● ● $7,667 $8,000 $1,867 $6,533 $5,600
Marie's Clothing Store had an accounts receivable balance of $410,000 at the beginning of the year and a year-end balance of $610,000. Net credit sales for the year totaled $3,000,000. The average collection period of the receivables was: (Round any intermediary calculations to two decimal places and your final answer to the nearest day) OA 74 days OB. 50 days OC. 12 days OD. 62 days
Q3: Salalah company’s recent financial statements showed the following information. Net Sales 250,000 OMR Accounts Receivables 180,000 OMR The management made two estimates for the uncollectible receivables It can be 4.5 % of net sales or It can be 3.2 % of accounts receivables Calculate and record journal entries in each case. If the company had already recognized an allowance amount of 8,000 OMR, make the journal entry. In this question, make the solution only for net sales case
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
MN.3.
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 ?

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