On March 4, Micro Sales makes $6,500 in sales on bank credit cards that charge a 2% service charge and deposits the funds into Micro Sales' bank accounts at the end of the business day. Journalize the sales and recognition of expense as a single journal entry. If an amount box does not require an entry, leave it blank. Mar. 4
Q: At the end of the day, the cash register tape lists $1,021.18 as total income from services. Cash on…
A:
Q: A business issued a 30-day note for $57,000 to a bank. The note was discounted at 7%. Assume a 360…
A: The objective of this question is to understand how to journalize the issuance and payment of a…
Q: Carla Vista's cash register tape showed sales of $59,000 on June 16 for charges to customers'…
A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…
Q: es Gomez Corporation uses the allowance method to account for uncollectibles. On January 31, it…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: At the end of the day, the cash register tape lists $885.69 as total income from services. Cash on…
A: Journal entry: The record of business transactions in a chronological order in the journal is…
Q: on January 14, and accepted a 90 - day, 5% promissory note in the amount of $5,000. On January 14,…
A: A journal entry is a basic accounting record that is used to chronologically track financial…
Q: A business issued a 45-day note for $96,000 to a creditor on account The note was discounted at 9%.…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Journalize the following transactions using the direct write-off method of accounting for…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: At the end of business on September 1, the total displayed on the cash register tape shows $1,059 of…
A: Cash sale = $1,059 Cash as per register = $1,050 There can be a difference in the cash sale and…
Q: Jul 2 Recommended to the owner, Jen Beck, that she put some of the cash into a Money Market…
A: QuickBooks is an accounting software package which has various tools like accounting, inventory,…
Q: Beth uses the net invoice method to record sales on account. Beth made sales of $40,000 with terms…
A: Receivables: Receivables refer to an amount to be received in future. General classifications of…
Q: On March 4, Micro Sales makes $12,300 in sales on bank credit cards which charge a 1% service charge…
A: In the case of credit card sales, there can be 2 Instances: 1st Instance: Payment Received by the…
Q: The table below shows a summary of Milan's credit card statement for the month of February.…
A: Interest is an amount paid on money borrowed from the company or an individual over a period of…
Q: General Journal r 5 Accounts Receivable-Ski Shop Sales Accounts Receivable-Welcome Incorporated…
A: ACCOUNT RECEIVABLEAccount Receivable is a amount receivable from the customers.Accounts Receivable…
Q: Target Shoppers Inc. reported cash sales of $28,800 for the month of June. Sales taxes payable are…
A: A journal entry is the act of keeping or making records of any transactions either economic or…
Q: Credit Card Sales Jamie’s Fabrics accepts cash, personal checks, and two credit cards when…
A: Journal: Journal is the method of recording monetary business transactions in chronological order.…
Q: Journalize the following transactions using the direct write-off method of accounting for…
A: Increase in asset is debited, Decrease in asset is credited. Increase in liability is credited,…
Q: Journalize the entries to record the following selected transactions
A: The chart of accounts as mentioned in the question is not provided herewith. Journal entries are the…
Q: Warton Company posts individual sales to the accounts receivable subsidiary ledger immediately. At…
A: Sales are made on cash and credit basis. The amount to be collected from sales made on credit basis…
Q: The Crying Fish has a change fund of $300. Cash sales on August 10 per the cash register are $1,125.…
A: Change fund is a set of money used by the department to make change to the customers, who purchase…
Q: The credit card with the transactions described on the right uses the average daily balance method…
A: Average daily balance is the average balance on the whole month sale and purchase and is the basis…
Q: On January 15, Ross Furniture, Inc., accepts a $5,000, 180-day, 10 percent note from a customer at…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Johnson Hardware Supply, Inc., sells on account. When a customer account becomes four months old,…
A: Interest revenue=Sales revenue×9%×60360=$24,000×9%×60360=$360
Q: The College Store accepts MasterCard for payments of purchases made by students. The credit card…
A: Service charge expense = Amount deposited x MasterCard charges = $10,000 x 1.55% = $155
Q: Journalize the following transactions using the direct write-off method of accounting for…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Wallace Contracting recorded the following transactions during November 2023: General Journal Nov. 3…
A: General Ledgers are the ledgers used to record the head ledgers of the transactions entered.…
Q: Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which…
A: Credit card expense = $4,900 x 5% = $245 Credit card expense is borne by the seller and the seller…
Q: a. Find the average daily balance for the billing period. Round to the nearest cent. 4 The average…
A: Average Daily Balance: It is applied by credit card firms to calculate the amount of interest due…
Q: Manuel Company had cash sales of $86,800 (including taxes) for the month of June. Sales are subject…
A: Solution: Amount of sales without tax = $86,800 * 100 / 108.50% = $80,000 Amount of sales tax =…
Q: Recognizing Accounts Receivable On June 7, Bixby Co. sells $950 of merchandise to Jasmine Co. on…
A: Journal Entry:— It is an act of recording transactions in books of account when transaction…
Q: Pina Stores accepts both its own and national credit cards. During the year, the following selected…
A: Journal Entries Record All Business Transactions In The Accounting Journal. This Is The First Step…
Q: On February 33, the billing date, Carol Ann Bluesky had a balance due of $122.39122.39 on her…
A: The average daily balance in accounting is often used for fee assessments. For their accounts, many…
Q: Prepare the general journal entries for Infinity Diner for the following notes receivable…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either…
A: Date Particulars Amount Credit Card Rate Credit Card Charges 05-Jun Sales $ 6,800…
Q: Prepare journal entries for the following credit card sales transactions (the company uses the…
A: 1. Mastercard charges = 5% on $24000 = $1200
Q: On May 22, Jarrett Company borrows $8,800, signing a 90-day, 8%, $8,800 note. What is the journal…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: If a company accepts credit cards, they must record the expense on their books. Please prepare the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Using the allowance method of accounting for uncollectible receivables. Transactions: April 1…
A: Journal Entries - Journal Entries are the primary method of recording transaction into debit and…
Q: Current Attempt in Progress On May 10, Sunland Company sold merchandise for $5.800 and accepted the…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: On May 10, Blossom Company sold merchandise for $4,500 and accepted the customer's Best Business…
A: Journal entry is the first stage of accounting process.Journal entry used to record business…
Q: Kitchen Equipment Company uses the allowance method to account for uncollectibles. On October 31, It…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: On May 10, Blossom Company sold merchandise for $11,600 and accepted the customer's America Bank…
A: Step 1:The required journal entry to record the sale of merchandise:DateAccount TitlesDebitCredit…
Q: Emporium bank lends money to a customer on a six month note. What journal entry does the bank…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Jul 13 The owner, Jen Beck, withdrew $2,000 cash for personal use, Check No. 78. Memorize the…
A: Basically Amount withdraw for personal use from business Bank Funds, as per given data jen beck…
Q: Melody, Inc., accepts a national credit card. The collection fee is 6%. If credit card sales are…
A: Sales mean the amount to be received by selling the goods. Any amount deducted as fees will be…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Using the direct write-off method of accounting for uncollectible receivables. Transactions: 1 Sold merchandise on account to Jim Dobbs, $6,600. The cost of the merchandise is $2,640. April June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs for and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount.(b) On May 10, Oriole Company sold merchandise for $12,200 and accepted the customer's America Bank MasterCard. America Bank charges a 4% service charge for credit card sales. Prepare the entry on Oriole Company's books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles Debit Credit May 10Exercises Prepare entries for recognizing accounts receivable. E8.1 (LO 1), AP On January 6, Jacob Co. sells merchandise on account to Harley Inc. for $9,200, terms 1/10, n/30. On January 16, Harley pays the amount due. Instructions Prepare the entries on Jacob Co.'s books to record the sale and related collection. (Omit cost of goods sold entries.) Journalize entries related to accounts receivable.
- J. Whitlock Co. had $1,000 of credit cards sales. The net cash receipts were deposited immediately into Whitlock's bank account less a 5% fee. The entry to record this sales transaction would include a debit to:Using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $8,400. The cost of the merchandise is $3,360. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount. Journalize each of the transaction. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts…On August 2, Jun Company receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment on his $7,000 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.) View transaction list Journal entry worksheet 1 Record cash received on note plus interest. Note: Enter debits before credits. Date October 31 General Journal Debit Credit
- Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12, the company receives a $500 check from Chad Thomas in settlement of Thomas's $1,240 outstanding accounts receivable. Due to Thomas's failing health, he is closing his company and is expecting to make no further payments to Discount Mart. Journalize this transaction. If an amount box does not require an entry, leave it blank. Dec. 12 Previous Next 品 1:01 PM T18 a 12/11/2020 2. hpUsing the direct write-off method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $8,400. The cost of the merchandise is $3,360. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs for and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest…Record the sale by Balus Company of $136,000 in accounts receivable on May 1. Balus is charged a 3.00% factoring fee. View transaction list Journal entry worksheet 1 > Record the sale of receivable. Note: Enter debits before credits. Date General Journal Debit Credit May 01 Record entry Clear entry View general journal
- Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,715 for merchandise purchased on June 4 for $1,750, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for $2,600. The company paid for invoice #1027, dated June 1, in the amount of $2,600, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $62. The Utility Expense account number is #450. Record receipt of the refund. If an amount box does not require an entry, leave it blank. CASH RECEIPTS JOURNAL Page: 24 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, orotheraccounts CR 2019 Jun. 12 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 Jun. 15…On July 4, Ivanhoe’s Restaurant accepts a Visa card for a $500 dinner bill. Visa charges a 2% service fee.Prepare the entry on Ivanhoe’s books related to this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 4can someone help me with journal entry with the following entries? Prepare journal entries for the following: Beginning Balance in Accounts Receivable: 12,000 Beginning Balance in Allowance: credit of 1,000 On March 31, customers were billed $25,000. On June 15, cash collections from transaction (a) totaled $20,000. On 10/31, a customer balance of $1500 from a prior year was written off. On 12/15, a customer paid an old balance of $900 that had been written off in a previous year. On 12/31, bad debts were estimated at 2% of credit sales.