Journalize the following transactions for Stillwater Spa Consultants: Oct. 1 Sold services for $250,eee to customers using debit cards. Assume the bank charges 0.5% for all debit card transactions. 7 Sold services to customers for $28,000 cash. 8 Recorded Visa credit card sales totalling $146,000. Assume visa applies fees of 2%. 10 Sold $104,000 of services to Edson Community Health Clinic, terms 2/15, n/30. 25 Collected the amount owing regarding the October 10 sale. View transaction list Journal entry worksheet < 1 2 3 4 5 Record the sale of services less debit card expense.

Journalize the following transactions for Stillwater Spa Consultants: Oct. 1 Sold services for $250,eee to customers using debit cards. Assume the bank charges 0.5% for all debit card transactions. 7 Sold services to customers for $28,000 cash. 8 Recorded Visa credit card sales totalling $146,000. Assume visa applies fees of 2%. 10 Sold $104,000 of services to Edson Community Health Clinic, terms 2/15, n/30. 25 Collected the amount owing regarding the October 10 sale. View transaction list Journal entry worksheet < 1 2 3 4 5 Record the sale of services less debit card expense.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 3EA: Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of...

See similar textbooks

Similar questions

American Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June?
Journalize the following transactions for Stillwater Spa Consultants: Oct. 1 Sold services for $100,000 to customers using debit cards. Assume the bank charges 0.5% for all debit card transactions. 7 Sold services to customers for $12,000 cash. 8 Recorded Visa credit card sales totaling $58,000. Assume visa applies fees of 2%. 10 Sold $42,000 of services to Edson Community Health Clinic, terms 2/15, n/30. 25 Collected the amount owing regarding the October 10 sale. Record-Journal entry 1. Record the sale of services; terms 2/15, n/30 (Oct 10) 2. Record the collection of the Oct. 10 credit sale. (Oct 25) Image attached for reference:
Journalize the following transactions for Stillwater Spa Consultants: Oct. 1 Sold services for $100,000 to customers using debit cards. Assume the bank charges 0.5% for all debit card transactions. 7 Sold services to customers for $12,000 cash. 8 Recorded Visa credit card sales totaling $58,000. Assume visa applies fees of 2%. 10 Sold $42,000 of services to Edson Community Health Clinic, terms 2/15, n/30. 25 Collected the amount owing regarding the October 10 sale. Record the journal entry 1. Record the sale of services less debit card expense (Oct 1) 2. Record the sale of services provided for cash. (Oct 07) 3. Record the sale of services less credit card expense (Oct 08) Image attached for reference
Journalize the following transactions for Stillwater Spa Consultants: Oct. 1 Sold services for $70,000 to customers using debit cards. Assume the bank charges 0.5% for all debit card transactions. 7 Sold services to customers for $9,000 cash. 8 Recorded Visa credit card sales totalling $40,000. Assume visa applies fees of 2%. 10 Sold $30,000 of services to Edson Community Health Clinic, terms 2/15, n /30. 25 Collected the amount owing regarding the October 10 sale.
Accounting The following selected transactions relate to Slim Company. Mar. 1 Made Visa credit card sales totaling $6,200. A 2.5% service fee is charged by Visa. Mar. 2 Accepted JIM Company’s $30,000, 6-month, 10% note for balance due. Mar. 3 Sold $40,500 of goods to Salem Company, terms 2/10, n/30. Mar.11 Received payment in full from Salem Company for balance due on existing accounts receivable. Mar.13 Made Slim Company credit card sales for $16,200. Mar.15 Sold accounts receivable of $9,040 to Hashim Company. Hashim Company assesses a service charge of 2.01% of the amount of receivables sold. Mar.16 Received collections of $10,500 on Slim Company credit card sales and added finance charges of 2.01% to the remaining balances. Instructions: Prepare the journal entries for the transactions. (Ignore entries for the cost of goods sold.)
Pagan Restaurants accepts credit and debit cards as forms of payment. Assume Pagan had $10,000 of credit and debit card sales on April 30, 2023. 9. 10. Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Joumalize the sales transaction for the restaurant. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Journalize the sales transaction for the restaurant. 9. Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Journalize the sales transaction for the restaurant. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Apr. 30 10. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Joumalize the sales transaction for the restaurant. Date Apr. 30 Accounts and Explanation Debit Credit
Concord Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred Jan. 15 20 Feb. 10 15 Made Concord credit card sales totaling NT$37.500. (There were no balances prior to January 15.) Made Visa credit card sales (service charge fee 3%) totaling NT$4,900. Collected NT$11,700 on Concord credit card sales. Added finance charges of 2.5% to Concord credit card account balances. Journalize the transactions for Concord Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Please help with the following question Q3: Shafer Company has the following accounts in its general ledger atJuly 31: Accounts Receivable $49,000 and Allowance for Doubtful Accounts $3,400. During August, the following transactions occurred. Aug.15Sold $30,000 of accounts receivable to More Factors, Inc. who assesses a 2% finance charge. 25Made sales of $2,500 on Visa credit cards. The credit card service charge is 3%. 28Made sales of $4,000 on Shafer credit cards. Instructions (a)Journalize the transactions. (b)Indicate the statement presentation of service charges. BR,
Assume that Sohar pipers Cores LC sold OMR 20000 pipes to the retailer with the credit terms of 2/10 , n / 30 . The retailer paid OMR 10000 within 10 days . From the following given options , identify the journal entry recorded by the company for the first payment made by credit customer . a . Dr Cash AC OMR 10000 and Cr Accounts receivables A/C OMR 10000 b. Dr Accounts receivables A / C OMR 10000 and Cr Cash A / C OMR 9800 , C Sales Discount A / C OMR 200 • c. Dr Cash A / C OMR 9800 , Dr Sales discount A / C OMR 200 and Cr Accounts receivables . A/C OMR 10000 d. None of the given options
Consider the following transaction: On March 6, Fun Cards sells 590 card decks with a sales price of $10 per deck to Padma Singh. The cost to Fun Cards is $3 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 3% fee for each sales transaction using its card. А. Payment is made using a credit, in-house асcount. В. Payment is made using a MoneyPlus credit card. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. 88 A. Mar. 6 To record sale of card decks Mar. 6 To record cost of sale B. Mar. 6 To record sale of card decks, 3% credit card fee 88 Mar. 6 To record cost of sale II II 1II I0
Strom Inc. provided interior design services for $170,000 to customers using debit cards. Assume the bank charges 0.5% for all debit card transactions. Which of the following is correct? Multiple Choice Strom Inc. would have Debit Card expenses in the amount of $850 and Service Revenue of $169,150 Strom Inc. would have Debit Card expenses in the amount of $850 and Service Revenue of $170,000 Strom Inc. would have an increase in Cash of $169,150 and Service Revenue of $169,150 Strom Inc. would have an increase in Cash of $170,000 and Service Revenue of $169,150 None of the choices are correct
On March 4, Micro Sales makes $4,850 in sales on bank credit cards that charge a 2.5% service charge. Funds are deposited net of credit card expenses into Micro Sales' bank account at the end of the business day. Journalize the sales and recognition of expense as a single journal entry.