MacKenzie Company sold $220 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 5.0% fee for sales on its credit cards. The journal entry to record this sales transaction would be: Multiple Choice Debit Cash $209.00; debit Credit Card Expense $11.00 and credit Sales $220. Debit Cash of $220 and credit Accounts Receivable-Regional $220. Debit Cash of $220 and credit Sales $220. О Debit Cash $209.00 and credit Sales $209.00. О Debit Accounts Receivable-Regional $209.00; debit Credit Card Expense $11.00 and credit Sales $220.
Q: None
A: The above answer can be explained as under - The cash will be debited as the cash has been received.…
Q: 12. Zumpano Inc. produces and sells a single product. The selling price of the product is $170.00…
A: STEP 1: Determine the contribution margin ratio. This will represent the percent of sales remaining…
Q: provide answer with calculation
A: There are total 3 questions, each answer given one by one Question :1AnswerStep 1: Definition of…
Q: Zolnick Enterprises has two hourly employees: Kelly and Jon. Both employees earn overtime at the…
A: To calculate the gross pay and net pay for Kelly and Jon, we need to determine their regular pay and…
Q: The table shows closing costs for a purchase of a $293,000 house requiring a 20% down payment. Find…
A: To be able to determine the amount of cash required at closing, you must first compute for the…
Q: MMT Corporation reports the following income statement items ($ in millions) for the year ended…
A: Step-by-Step Calculation of Net IncomeStep 1: Calculate RevenueRevenue = $2,195Step 2: Calculate…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: In accounting, transactions are recorded using journal entries according to the double-entry system.…
Q: provide answer pleaser
A: Step 1: Definition of Income Statement:The income statement shows the performance of the business…
Q: Vanida received workers' compensation due to an injury on the job. When Vanida files her tax return,…
A: The question is asking about the taxability of workers' compensation income. Workers' compensation…
Q: (c) If Sunland finds that it has to drop its target selling price to $51.00 to really promote this…
A: Follow these steps to calculate the Return on Investment (ROI) using the new target selling price of…
Q: Harold and Maude were married and lived in a common-law state. Maude died in 2018 with a taxable…
A: Step 2: Calculate Estate Tax:With a taxable estate of $0, there is no estate tax due under this…
Q: please answer in text form with proper workings and explanation , narrations for each and every…
A:
Q: [The following information applies to the questions displayed below.] One Product Corporation (OPC)…
A: Answer image:
Q: A7
A: The net operating income for each year can be represented as follows:Year 1: $481,000Year 2:…
Q: None
A: To solve this problem, we need to calculate Aram's net capital gain or loss and then determine how…
Q: Please provide the 3 graphs in answer
A: Step 1:The required journal entries related to the petty cash fund are presented…
Q: An employee works 50 hours (50 - 40 were overtime hours) during a workweek in December of 2023. He…
A: To calculate the taxable income for federal income tax withholding, social security tax, and…
Q: Required information [The following information applies to the questions displayed below.]…
A: To calculate the residual income of this year's investment opportunity, we'll first determine the…
Q: Domestic
A: Step 1: Average cost Cost of goods sold Average method = $225,600Average cost = Cost of goods sold…
Q: Question 13 0/0.5 pts On September 1, 2018, Bauer Inc. has 10,000 ounces of silver, with an average…
A: The objective of the question is to calculate the carrying value of Bauer's inventory of silver on…
Q: Boxwood, Incorporated is considering three independent investment opportunities. The present value…
A: As the initial investments in all these projects are different, to compare these projects let's…
Q: Question: John Wilson, the owner of a fast-food restaurant, estimated that he can sell 1,000…
A: The objective of this question is to determine which of the two alternatives - renting more…
Q: Good evening I need assistance with my Grade 10 Accounting Assignment please. I need to post the…
A: Understanding LedgersImagine your accounting system as a filing cabinet. Ledgers are folders within…
Q: . A beam of white light goes from air into water at an incident angle of 75.0°. At what angles are…
A:
Q: Olivia receives a gross salary of $4,000 for a week. Her company deducts $100 for medical premiums…
A: The objective of the question is to calculate Olivia's payroll subject to income tax. This is done…
Q: No chatgpt used
A: 1. **Co-occurrence Grouping**: This method identifies associations between different items that…
Q: On January 1, 2024, Pride, Incorporated acquired 80% of the outstanding voting common stock of…
A: The objective of the question is to calculate the total consolidated operating expenses of Pride,…
Q: Sales COGS Gross profit G&A expenses Sales & Marketing expenses Depreciation Operating income…
A:
Q: Kia Lopez is single (SSN 412-34-5670) and resides at 101 Poker Street, Apartment 12A, Hickory, FL…
A: Preparing tax returns involves a systematic approach to accurately report income, calculate…
Q: Suppose the City of St. George, Utah, decides to assist residents by installing sidewalks in their…
A: In the context of the City of St. George, Utah, implementing a project to install sidewalks and…
Q: The following data are accumulated by Patterson Inc. in evaluating two competing capital investment…
A: Referenceshttps://www.investopedia.com/terms/a/arr.asp
Q: 1. A chemical plant is considering purchasing a computerized control system. The initial cost is…
A: Let's go through the breakdown of the cash flows for each financing option, showing how each figure…
Q: c. Assume that Seifert Stores sold $25,000,000 of merchandise in February, which generated…
A: <p>First, we need to calculate the total value of the coupons that were printed in February.…
Q: Aztec Industries (Pty) Ltd is considering a capital investment project with the following cash…
A: The objective of the question is to calculate the Net Present Value (NPV) of a capital investment…
Q: Repeat the Spuds and Suds Income Statement example from Chapter 7 with the following assumptions:…
A: a)…
Q: Please do not give solution in image format thanku
A: ExplanationStep 1: Calculate Sales Revenue - Sales revenue is calculated by multiplying the average…
Q: On January 1, 2022, Palk Corporation and Spraz Corporation had condensed balance sheets as follows:…
A: The objective of the question is to calculate the consolidated noncurrent assets of Palk Corporation…
Q: What are items withheld from employees' earnings at their request? Salaries…
A: The question is asking about the types of deductions that can be withheld from an employee's…
Q: Additional information for 2023: 1. Net income was $60,000. This amount includes depreciation…
A: Now, let's analyze the statement of cash flows for the fiscal year that concluded on December 31,…
Q: On January 1, 2024, Weaver Corporation purchased a patent for $234,000. The remaining legal life is…
A: Step 1: 1)Journal Entries: 2024: To record purchase of patent:Jan 1, 2024 Patent…
Q: 2225 4 points This is a multiple answer question. Duncan Company miscounted its ending inventory…
A: Duncan Company miscounted its ending Inventory during the December 31, 2025 physical countMistake is…
Q: All sales are made on credit. Based on past experience, the company estimates 0.6% of net sales to…
A: .Detailed Explanation of the Correct AnswerThe correct answer is:• Debit Bad Debts Expense $4,764•…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: Certainly! Let's break down each step for both the percentage method and the wage-bracket method:(a)…
Q: help
A: The most common measure of performance for managers responsible for investment centers is return on…
Q: A lease agreement that qualifies as a finance lease calls for annual lease payments of $40,000 over…
A: Step 1:Step 2:
Q: ces Cardinal Company is considering a five-year project that would require a $2,855,000 investment…
A: 1. Calculate the Average Annual Profit:Given the net operating income for each year, sum up the net…
Q: None
A: Step 1: Preparation of journal entries.Jones Junkyard Corp.Journal EntriesSr. No.DateAccounts…
Q: Question 4 Not yet answered Marked out of 0.33 Flag question Countertops Unlimited, a manufacturer…
A: SolutionDirect materials Beginning Materials inventory 32,000Materials Purchase410,000Less: Ending…
Q: Last year, Janet had a taxable income of $54,000 from her salary and investment assets. She owns 3…
A: Step 1: Calculate the effect of this year's passive activities on Janet's incomePassive Activity 1…
Q: Your boss the chief financial officer (CFO) asked you to analyse 3 different projects under…
A: In finance, perpetuity refers to endless, constant cash flow. Companies trading in the stock…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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?Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of $7 per deck to Padma Singh. The cost to Fun Cards is $4 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 2% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card.MacKenzie Company sold $480 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 2.0% fee for sales on its credit cards. The Journal entry to record this sales transaction would be: Multiple Choice Debit Cash of $480 and credit Accounts Receivable $480. Debit Cash $470.40; debit Credit Card Expense $9.60 and credit Sales $480. O Debit Cash $470.40 and credit Sales $470.40. O Debit Cash of $480 and credit Sales $480. O Debit Accounts Receivable $480 and credit Sales $480.
- Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 5% charge on sales for using its card. On May 26, Brinker had $5,500 in First Savings Bank Card credit sales. What entry should Brinker make on May 26 to record the deposit? Multiple Choice Debit Accounts Receivable $5,225; debit Credit Card Expense $275; credit Sales $5,500. О Debit Cash $5,500; credit Sales $5,500. O Debit Cash $5,775; credit Credit Card Expense $275; credit Sales $5,500. Debit Accounts Receivable $5,500; credit Sales $5,500. O Debit Cash $5,225; debit Credit Card Expense $275; credit Sales $5,500.Help Save & Exit Submit TB MC Qu. 07-148 (Algo) MacKenzie Company sold... Mackenzie Company sold $560 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 2.0% fee for sales on its credit cards. The journal entry to record this sales transaction would be: Multiple Choice Debit Cash of $560 and credit Sales $560. Debit Cash of $560 and credit Accounts Receivable $560. Debit Accounts Receivable $560 and credit Sales $560. Debit Cash $548.80; debit Credit Card Expense $11.20 and credit Sales $560. < Prev 15 of 20 Next 15 tv MacBook Air DII DD F2 F3 F4 F5 F7 F8 F9 #3 24 & * 3 6. 7 8 W R YJervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which assesses a 5.0% charge on sales for using its card. On June 28, Jervis had $4,900 in NB Card credit sales. What entry should Jervis make on June 28 to record the deposit? Multiple Choice Debit Cash $4,900; credit Sales $4,900 Debit Accounts Receivable $4,900; credit Sales $4,90O Debit Cash $5,145.00; credit Credit Card Expense $245.00; credit Sales $4,900 Debit Cash $4,655.00; debit Credit Card Expense $245.00; credit Sales $4,900 < Prev 16 of 20 Next 1069 MAR 15 étv MacBook Air 80 DII DD F2 F3 F4 F5 F6 F7 F8 23 24 2 4 7 8. 9 W R T Y < cO 田
- Jervis accepts all major bank credit cards, including those Issued by Northern Bank (NB), which assesses a 3.0% charge on sales for using its card. On June 28, Jervis had $4,500 in NB Card credit sales. What entry should Jervis make on June 28 to record the deposit? Multiple Choice O Debit Accounts Receivable $4,500; credit Sales $4,500 Debit Cash $4,635.00; credit Credit Card Expense $135.00; credit Sales $4,500 Debit Accounts Receivable $4,365.00; debit Credit Card Expense $135.00; credit Sales $4,500 Debit Cash $4,500; credit Sales $4,500 ว Debit Cash $4,365.00; debit Credit Card Expense $135.00; credit Sales $4,500Help Save & Exit Submit TB MC Qu. 07-149 (Algo) MacKenzie Company sold... MacKenzie Company sold $460 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 6.0% fee for sales on its credit cards. The journal entry to record this sales transaction would be: Multiple Choice es Debit Cash of $460 and credit Sales $460. Debit Cash of $460 and credit Accounts Receivable-Regional $460. Debit Accounts Receivable-Regional $432.40; debit Credit Card Expense $27.60 and credit Sales $460. Debit Cash $432.40: debit Credit Card Expense $27,60 and credit Sales $460. MAR 15 étv MacBook Air 888 DII DD F2 F3 F4 F5 F6 F7 F8 F9 #3 2$ * & 3 4 6 7 8 W E R T3.
- A small retailer accepts credit cards and has its own store credit card. Prepare journal entries to record the following transactions for the retailer. (The retailer uses the perpetual inventory system.) Jan. 2 Sold merchandise for $1,000 (that had cost $600) and accepted the customer’s AA Bank Card. AA charges a 5% fee. 6 Sold merchandise for $400 (that had cost $300) and accepted the customer’s VIZA Card. VIZA charges a 3% fee. 31 Recognized the $75 interest revenue earned on its store credit card for January.The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $19,300, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $14,120. 3 Sold merchandise for $12,200 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $6,930. 4 Sold merchandise on account to Empire Co., $58,930, terms FOB shipping point, n/eom. The cost of merchandise sold was $32,340. 5 Sold merchandise for $30,400 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $20,610. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American…II. Lemon Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, n/30, and all sales are recorded at the gross price. Other customers can use a bank credit card where the bank deducts a 4% service charge for credit card sales and credits the bank account of Lemon immediately when credit card receipts are deposited. White uses the perpetual inventory method. June 4 Sold Php12,000 of merchandise (cost Php7,000) on credit to Grant Inc. Sold Php17,000 of merchandise (cost Php 9,350) to Libby Corp. who used a bank credit card, receipts were processed and deposited the same day. Sold Php8,500 of merchandise (cost Php 4,500) on credit to Emma Company. Accepted a Php 50,000, 45-day, 6% note dated this day in granting Cory Tam a time extension on his past-due account receivable. Received Grant's check in full payment of the purchase on June 4. Wrote off the account of Z. Westmore against the Allowance for Doubtful Accounts. The Php 1,580 balance stemmed…