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on for all debit card transactions. Blossom charges 14.25% interest on balances owing on the Blossom Garage Co. credit card. occurred (note: there is no right of return for the sale of services; therefore, a refund liability entry is not necessary in this que rformed services totalling $16,300 for customers who used the Blossom Garage Co. credit card for payment. rformed services totalling $8,400 to customers who used Visa credit cards. rformed services totalling $2,200 on account, terms, n/30. rformed services totalling $5,300 for customers who used debit cards (100 transactions). ollected amounts owing from October 15 transactions.

on for all debit card transactions. Blossom charges 14.25% interest on balances owing on the Blossom Garage Co. credit card. occurred (note: there is no right of return for the sale of services; therefore, a refund liability entry is not necessary in this que rformed services totalling $16,300 for customers who used the Blossom Garage Co. credit card for payment. rformed services totalling $8,400 to customers who used Visa credit cards. rformed services totalling $2,200 on account, terms, n/30. rformed services totalling $5,300 for customers who used debit cards (100 transactions). ollected amounts owing from October 15 transactions.

FINANCIAL ACCOUNTING
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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Blossom Garage Co. accepts the following forms of payment: Visa, MasterCard, the Blossom Garage Co. credit card, and debit. Blossom is charged 3.50% for all bank credit card transactions and $0.50 per transaction for all debit card transactions. Blossom charges 14.25% interest on balances owing on the Blossom Garage Co. credit card. In October and November 2021, the following summary transactions occurred (note: there is no right of return for the sale of services; therefore, a refund liability entry is not necessary in this question): Oct. 15 Performed services totalling $16,300 for customers who used the Blossom Garage Co. credit card for payment. 20 Performed services totalling $8,400 to customers who used Visa credit cards. 30 Performed services totalling $2,200 on account, terms, n/30. 31 Performed services totalling $5,300 for customers who used debit cards (100 transactions). Nov. 15 Collected amounts owing from October 15 transactions.
Transcribed Image Text:Blossom Garage Co. accepts the following forms of payment: Visa, MasterCard, the Blossom Garage Co. credit card, and debit. Blossom is charged 3.50% for all bank credit card transactions and $0.50 per transaction for all debit card transactions. Blossom charges 14.25% interest on balances owing on the Blossom Garage Co. credit card. In October and November 2021, the following summary transactions occurred (note: there is no right of return for the sale of services; therefore, a refund liability entry is not necessary in this question): Oct. 15 Performed services totalling $16,300 for customers who used the Blossom Garage Co. credit card for payment. 20 Performed services totalling $8,400 to customers who used Visa credit cards. 30 Performed services totalling $2,200 on account, terms, n/30. 31 Performed services totalling $5,300 for customers who used debit cards (100 transactions). Nov. 15 Collected amounts owing from October 15 transactions.
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