Knife and Fork operates as a restaurant. Its customers can pay by cash, debit or credit card. For each debit transaction, John pays $0.30. For credit cards, John pays 4% of the total credit card transactions. On October 25, 2022, John compiled the following summary for the work day. Transaction Type Total Number of Transactions Cash $2485 50 Debit Card $0 0 Credit Card $3600 81 Required Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Calculate the total debit/credit card expense for October 25. Total Debit/Credit Card Expense = 144 b) Record the journal entry for the day's sales ignoring cost of goods sold.
Knife and Fork operates as a restaurant. Its customers can pay by cash, debit or credit card. For each debit transaction, John pays $0.30. For credit cards, John pays 4% of the total credit card transactions. On October 25, 2022, John compiled the following summary for the work day. Transaction Type Total Number of Transactions Cash $2485 50 Debit Card $0 0 Credit Card $3600 81 Required Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Calculate the total debit/credit card expense for October 25. Total Debit/Credit Card Expense = 144 b) Record the journal entry for the day's sales ignoring cost of goods sold.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Knife and Fork operates as a restaurant. Its customers can pay by cash, debit or credit card. For each debit
transaction, John pays $0.30. For credit cards, John pays 4% of the total credit card transactions. On October 25,
2022, John compiled the following summary for the work day.
Transaction Type Total Number of Transactions
Cash
$2485
50
Debit Card
$0
0
Credit Card
$3600
81
Required
Do not enter dollar signs or commas in the input boxes.
Round all answers to 2 decimal places.
a) Calculate the total debit/credit card expense for October 25.
Total Debit/Credit Card Expense = $144
b) Record the journal entry for the day's sales ignoring cost of goods sold.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc424496d-308b-4cdd-8730-6a6ef0a53c24%2F7ef9552b-8283-4cdd-8473-4def95ebd637%2Fekax5ma_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Knife and Fork operates as a restaurant. Its customers can pay by cash, debit or credit card. For each debit
transaction, John pays $0.30. For credit cards, John pays 4% of the total credit card transactions. On October 25,
2022, John compiled the following summary for the work day.
Transaction Type Total Number of Transactions
Cash
$2485
50
Debit Card
$0
0
Credit Card
$3600
81
Required
Do not enter dollar signs or commas in the input boxes.
Round all answers to 2 decimal places.
a) Calculate the total debit/credit card expense for October 25.
Total Debit/Credit Card Expense = $144
b) Record the journal entry for the day's sales ignoring cost of goods sold.
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