Exercise 7.5 (Algo) Recording sales made with bank credit cards and American Express, with 8 percent sales tax. LO 7-1 City Sporting Goods must charge 8 percent sales tax on all sales. DATE TRANSACTIONS February 2, 28X1 Sold merchandise totaling $4,200 plus tax to customers using bank credit cards. Record the 15 percent discount on credit card sales at time of sale. February 15, 20x1 Sold merchandise totaling $4,700 to customers using American Express. February 20, 28x1 Received amount due from American Express, less their 16 percent discount, for sales made by customers using American Express on February 15. Required: Record the above transactions of City Sporting Goods in a general journal. Note: Round your Intermediate calculations and final answers to 2 decimal places.

Exercise 7.5 (Algo) Recording sales made with bank credit cards and American Express, with 8 percent sales tax. LO 7-1 City Sporting Goods must charge 8 percent sales tax on all sales. DATE TRANSACTIONS February 2, 28X1 Sold merchandise totaling $4,200 plus tax to customers using bank credit cards. Record the 15 percent discount on credit card sales at time of sale. February 15, 20x1 Sold merchandise totaling $4,700 to customers using American Express. February 20, 28x1 Received amount due from American Express, less their 16 percent discount, for sales made by customers using American Express on February 15. Required: Record the above transactions of City Sporting Goods in a general journal. Note: Round your Intermediate calculations and final answers to 2 decimal places.

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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