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Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not inden manually.) (a) (b) Tastee Restaurant accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Tastee make? (a) Martin Company sold its accounts receivable of $65.000. What entry should Martin make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and Explanation Debit 194 Credit

Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not inden manually.) (a) (b) Tastee Restaurant accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Tastee make? (a) Martin Company sold its accounts receivable of $65.000. What entry should Martin make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and Explanation Debit 194 Credit

FINANCIAL ACCOUNTING
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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Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 3 (a) (b) (a) Tastee Restaurant accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Tastee make? No. Account Titles and Explanation (b) Martin Company sold its accounts receivable of $65,000. What entry should Martin make, given a service charge of 3% on the amount of receivables sold? Service Charge Expense Sales Avenue Notes Receivable sporite Debit 194 63050 1950 Credit 200
Transcribed Image Text:Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 3 (a) (b) (a) Tastee Restaurant accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Tastee make? No. Account Titles and Explanation (b) Martin Company sold its accounts receivable of $65,000. What entry should Martin make, given a service charge of 3% on the amount of receivables sold? Service Charge Expense Sales Avenue Notes Receivable sporite Debit 194 63050 1950 Credit 200
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