Kimmel, Financial Accounting, 8e• Help I System AnnouncementsExercise 8-Your answer is partially correct. Try again.On May 10, Whispering Winds Corp. sold merchandise for $24,000 and accepted the custormer's Best Business Bank MasterCard.MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 4% service charge for credit cPrepare the entry on Whispering Winds Corp.'s books to record the sale of merchandise. (Credit account titles are automatic-not indent manually.)Date Account Titles and ExplanationDebitCreditMay 10 Accounts Receivable24000Service Charge Expense960Cash24960Click if you would like to Show Work for this question:Open Show WorkSHOW LIST OF ACCOUNTSLINK TO TEXT

Solution Bank a/c Dr. 23049 Service charge exp. Dr 960…

Exercise 8-8 Your answer is partially correct. Try again. On May 10, Whispering Winds Corp. sold merchandise for $24,000 and accepted the customer's Best Business Bank MasterCa MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 4% service charge for cre Prepare the entry on Whispering Winds Corp.'s books to record the sale of merchandise. (Credit account titles are automa not indent manually.) Date Account Titles and Explanation Debit Credit May 10 Accounts Receivable 24000 Service Charge Expense 960 Cash 24960 Click if you would like to Show Work for this question: Open Show Work

Exercise 8-8 Your answer is partially correct. Try again. On May 10, Whispering Winds Corp. sold merchandise for $24,000 and accepted the customer's Best Business Bank MasterCa MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 4% service charge for cre Prepare the entry on Whispering Winds Corp.'s books to record the sale of merchandise. (Credit account titles are automa not indent manually.) Date Account Titles and Explanation Debit Credit May 10 Accounts Receivable 24000 Service Charge Expense 960 Cash 24960 Click if you would like to Show Work for this question: Open Show Work

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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E6-2 Reporting Net Sales with Credit Sales, Sales Discounts, and Credit Card Sales LO6-1 The following transactions were selected from the records of Ocean View Company: July 12 Sold merchandise to Customer R, who charged the $3,000 purchase on his Visa credit card. Visa charges OceanView a 2 percent credit card fee. 15 Sold merchandise to Customer S at an invoice price of $9,000; terms 3/10, n/30. 20 Sold merchandise to Customer T at an invoice price of $4,000; terms 3/10, n/30. 23 Collected payment from Customer S from July 15 sale. Aug. 25 Collected payment from Customer T from July 20 sale. Required: Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31.
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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
From the vendors perspective what are two T accounts? What two accounts are affected for the vendor?
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Moving to another question will save Question 13 A. Cash payments journal A company entered into the following transactions. Match each transaction with the appropriate journal in which it should be record Purchased merchandise from Able Co. for $2,000 terms 2/10, n/30. Invoice dated August 1. B. Purchases journal - Paid cash to incite Telephone Co. for monthly telephone bill $250, Check No. 758. c. General Journal - Sold merchandise on credit to Delta Corp. for $3,000, terms, 2/10, n/30, Involce No. 246. Cost of Goods Sold is $1,740. D. Cash receipts journal Received cash payment in full from Delta Corp. for August 5 sale. E. Sales Journal -Recorded cash sales for the month, $9,000. Returned defective inventory purchased on account from Able Co. for $550.
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On June 14, Year 1, Sure-Fit Shoe Store sold $13,000 of merchandise that cost $8,700 and accepted credit cards as payment. Sure-Fit electronically transmitted the credit card forms to the credit card company which charges a 4% fee to handle such transactions. On June 18, Year 1, Sure-Fit received the proceeds from the credit card company. Required: a. How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? b. How will the entry to record the credit card proceeds on June 18, Year 1, affect the company's financial statements? Complete this question by entering your answers in the tabs below. Required A Required B How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Assets Balance Sheet Liabilities Stockholders' Equity Revenue Income…
AI Kamil Hypermarket accepted a Bank Muscat credit card for a RO 7,500 purchase. Bank Muscat charges a 4% fee. Al Kamil Hypermarket should record Service Charge Expense as a Select one: O a Debit of RO 7,500 O b. None of the answers are correct O c Credit of RO7,200 O d. Credit of RO 300 O e. Debit of RO 300
On July 4, Ivanhoe’s Restaurant accepts a Visa card for a $500 dinner bill. Visa charges a 2% service fee.Prepare the entry on Ivanhoe’s books related to this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 4