**Current Attempt in Progress**Consider these transactions: *(List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)***(a)** Crane Restaurant accepted a Visa card in payment of a $400 lunch bill. The bank charges a 3% fee. What entry should Crane make?**(b)** Larkspur Company sold its accounts receivable of $64,500. What entry should Larkspur make, given a service charge of 3% on the amount of receivables sold?

Journal Entry :— It is an act of recording transactions in books of account when transaction occurred. It is the first step in recording transactions in books of account. General Rule :—1) Debit the receiver, credit the giver. 2) Debit what comes in, credit what goes out. 3) Debit all expenses & losses, credit all income & gains.Service charge expense = Lunch bill × Service charge %= $400 × 3%= $12Cash received = Lunch bill — Service charge expense = $400 — $12 = $388Service charge expense = Accounts receivable × Service charge %= $64,500 × 3%= $1,935Cash received = Accounts receivable — Service charge expense = $64,500 — $1,935= $62,565Requirement #:—No.Account Titles and ExplanationDebitCredita.Cash$388Service charge expense $12Sales revenue $400b.Cash $62,565Service charge expense $1,935Accounts receivable$64,500PLEASE PLEASE GIVE POSITIVE RATING.GIVE UPVOTE.

Business

Accounting

Current Attempt in Progress Consider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Crane Restaurant accepted a Visa card in payment of a $400 lunch bill. The bank charges a 3% fee. What entry should Crane make? (b) Larkspur Company sold its accounts receivable of $64,500. What entry should Larkspur make, given a service charge of 3% on the amount of receivables sold?

Current Attempt in Progress Consider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Crane Restaurant accepted a Visa card in payment of a $400 lunch bill. The bank charges a 3% fee. What entry should Crane make? (b) Larkspur Company sold its accounts receivable of $64,500. What entry should Larkspur make, given a service charge of 3% on the amount of receivables sold?

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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