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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K Davis Woodworking accepts credit cards at its store. Davis' credit card processor charges a fee of 3% of the total amount of any credit sale. Assume that Reese Bird purchases $10,500 of custom furniture and pays with a VISA card. Make the entry that Davis would make to record the sale to Bird. (You do not need to make the cost of goods sold entry in this exercise.) (Record debits first, then credits. Exclude explanations from any journal entries. Assume that since this is a custom order, no refunds or returns are allowed.) Date Journal Entry Accounts Debit Credit 7 cree 0 For
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Entries for discounted note payable A business issued a 30-day note for $57,000 to a bank. The note was discounted at 7%. Assume a 360 days in a year. a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. 88 Cash Interest Expense Notes Payable Feedback Check My Work a. Why is the company issuing the note? What type of note is being issued (interest-bearing or discounted)? How much will the company. owe on the maturity date? b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Notes Payable Cash
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