On January 10 Kim Sharon uses her Carla Vista Co. credit card to purchase merchandise from Carla Vista Co. for $2,500. On February10, she is billed for the amount due of $2,500. On February 12 Sharon pays $2,100 on the balance due. On March 10 Sharon is billedfor the amount due, including interest at 1% per month on the unpaid balance as of February 12.Prepare the entries on Carla Vista Co.'s books related to the transactions that occurred on January 10, February 12, and March 10.Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered. Do not indentmanually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enterO for the amounts.)Date<><>Account Titles and ExplanationDebitCredit

Step 1:January 10: Journal entry for sales Debit accounts receivable account with $2,500 for sales…

Answered: On January 10 Kim Sharon uses her Carla…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 15EB: Rain T-Shirts issued a $440,600 note on January 1, 2018 to a customer, Larry Potts, in exchange for...

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Nancy is reviewing her November credit card statement. Her beginning balance was $605 and she made a $175 payment on November 10. She made purchases of $100 on November 5, $120 on Novemeber 15, and $45 on November 30. Her APR is 14% and the interest was charged using the average daily balance method, including current purchases, which considers the day of a charge or credit. Answer parts 1 through 5. 1. Find the unpaid balance on November 30 before interest is charged. The unpaid balance before interest is $
On April 2, Jennifer Elston uses her Target RedCard to purchase merchandise from a Target store for $1,500. On May 1, Elston is billed for the $1,500 amount due. Elston pays $500 on the balance due on May 3. Elston receives a bill dated June 1 for the amount due, including interest at 1.0% per month on the unpaid balance as of May 3. Prepare the entries on Target’s books related to the transactions that occurred on April 2, May 3, and June 1.On July 4, Spangler’s Restaurant accepts a Visa card for a $200 dinner bill. Visa charges a 2% service fee. Prepare the entry on Spangler’s books related to this transaction.
On April 2, Jennifer Elston uses her JCPenney Company credit card to purchase merchandise from a JCPenney store for $1,000. On May 1, Elston is billed for the $1,000 amount due. Elston pays $500 on the balance due on May 3. Elston receives a bill dated June 1 for the amount due, including interest at 3.0% per month on the unpaid balance as of May 3. Prepare the entries on JCPenney Co.’s books related to the transactions that occurred on April 2, May 3, and June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date…
i will be attaching the 1st question as asked but kindly answer the second question only. thanks! 1. On May 6, May Payment makes a purchase of $258.50 on her credit card. The purchase appears on her monthly statement issued May 18. May does not pay for the purchase by the due date indicated on her May statement. Her next monthly statement is issued on June 18. Calculate the interest she is charged for her purchase on her June statement. Assume her lending institution charges her an annual interest rate of 19.75%, and she has an interest-free period of 21 days. 2. If the new balance on a monthly credit card statement is $157.42, and if the minimum monthly payment corresponds to at least 5% of the ending balance or $10, whichever is greater, calculate the minimum monthly payment.
Following are transactions for Veilstone Jewelers. November 1 Accepted a $15,000, 180-day, 5% note from Vitalo in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 Vitalo honored her note when presented for payment. Calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. General Journal Use those calculated values to prepare your journal entries. View transaction list Journal entry worksheet 1 2 3 4 Accepted a $15,000, 180-day, 5% note from Vitalo in granting a time extension on her past-due account receivable.
On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable. Prepare Jun’s journal entry assuming the note is honored by the customer on October 31 of that same year.
The due date on Gabrielle's credit card is the 8th day of each month. Gabrielle's unpaid credit card balance on July 8th is $2,750. From July 9th to August 8th, she charged an additional $320 and made a payment of $400. Assuming the annual interest rate on her card is 11% and the finance charge is calculated using the unpaid balance at the end of the billing cycle, find the total unpaid balance on Gabrielle's card on August 8th. Balance = $ What additional finance charge will be added to her August balance after the 8th? Finance charge
In the month of September, Billy Jo made the following purchases: $4,000.00 on September 3 $2,750.00 on September 15 $450.00 on September 29. Billy Jo’s credit card contract has a 15% APR and a minimum payment of 2%. What was Billy Jo’s balance at the end of the month? What is the minimum dollar amount Billy Jo must pay?
Lizzie Gunderson is trying to establish a credit history and applied for a Visa credit card. She paid the previous month's statement balance in full. The card carries a finance charge rate of 16%. What is the amount of finance charge if Lizzie pays off the current $168.20 monthly statement balance in full?
Hardev
In John Balfour's credit card account interest is charged on the average daily balance. The cycle begins on May 4, and the cycle ends on June 3. The beginning balance is $286.57. A payment of $100 is posted on May 18. A charge of $15.57 is posted on May 7. A charge of $59.24 is posted on May 12. A charge of $114.76 is posted on May 29. John is charged 1.62% per period. What is the finance charge for the cycle? The finance charge for the cycle is S. (Round to the nearest cent as needed.)
Following are transactions for Vitalo Company. November 1 Accepted a $5,000, 180-day, 5% note from Kelly White in granting a tine extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note.. April 30 white honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your Journal entries. Note: Do not round intermediate calculations. Use 360 days a year.

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