Pagan Restaurants accepts credit and debit cards as forms of payment. Assume Pagan had $10,000 of credit and debit card sales on April 30, 2023.9.10.Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Joumalize the sales transaction for the restaurant.Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Journalize the sales transaction for the restaurant.9. Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Journalize the sales transaction for the restaurant. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.)DateAccounts and ExplanationDebitCreditApr. 3010. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Joumalize the sales transaction for the restaurant.DateApr. 30Accounts and ExplanationDebitCredit

Under Gross Method, sales are recorded at full invoice price without any deduction in discounts.…

Answered: Pagan Restaurants accepts credit and…

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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Answer each question independently. Read the requirements. Requirement 1. A restaurant made cash sales of $4,000 subject to a 5% sales tax. Record the sales and the related sales tax. (Ignore cost of goods sold.) Also record the payment of the tax to the state. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by preparing a compound journal entry to record the sales and the related sales tax. Date Accounts and Explanations Debit Credit
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K Davis Woodworking accepts credit cards at its store. Davis' credit card processor charges a fee of 3% of the total amount of any credit sale. Assume that Reese Bird purchases $10,500 of custom furniture and pays with a VISA card. Make the entry that Davis would make to record the sale to Bird. (You do not need to make the cost of goods sold entry in this exercise.) (Record debits first, then credits. Exclude explanations from any journal entries. Assume that since this is a custom order, no refunds or returns are allowed.) Date Journal Entry Accounts Debit Credit 7 cree 0 For
Jervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 5% factoring fee. What entry should Jervis make to record the transaction?
Current Attempt in Progress On May 10, Sunland Company sold merchandise for $5.800 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 4.5% service charge for credit card sales. Prepare the entry on Sunland Company's books to record the sale of merchandise. (Omit cost of goods sold entries.) (List all debit entries before credit entries. 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 0 for the amounts.) Date Account Titles and Explanation May 10 eTextbook and Media Save for Later Debit Credit Attempts: 0 of 2 used Submit Answer
Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell. Mar. 5 Dish Mart made a cash sale of 15 sets of dishes at a price of $800 per set to customer Emma Purcell. The cost per set is $520 to Dish Mart. Mar. 9 Dish Mart sold 30 sets of dishes to Emma for $800 per set on credit, at a cost to Dish Mart of $520 per set. Terms of the sale are 5/15, n/60, invoice date March 9. Mar. 13 Emma returns eight of the dish sets from the March 9 sale to Dish Mart for a full refund. Dish Mart returns the dish sets to inventory at their original cost of $520 per set. Mar. 14 Dish Mart sells 5 sets of dishes to Emma for $800 per set on credit, at a cost to Dish Mart of $520 per set. Terms of the sale are 5/10, n/60, invoice date March 14. Mar. 15 Emma discovers that 3 of the dish sets from the March 14 purchase, and 7 of the dish sets from the March 5 sale are missing a few…
On May 10, Blossom Company sold merchandise for $4,500 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 3.4% service charge for credit card sales. Prepare the entry on Blossom Company's books to record the sale of merchandise. (Omit cost of goods sold entries.) (List all debit entries before credit entries. 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 and Explanation May 10 Accounts Receivable Sales Revenue Service Charge Expense eTextbook and Media: Debit 4500 I Credit 4500
Consider the following transaction: On March 6, Fun Cards sells 590 card decks with a sales price of $10 per deck to Padma Singh. The cost to Fun Cards is $3 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 3% fee for each sales transaction using its card. А. Payment is made using a credit, in-house асcount. В. Payment is made using a MoneyPlus credit card. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. 88 A. Mar. 6 To record sale of card decks Mar. 6 To record cost of sale B. Mar. 6 To record sale of card decks, 3% credit card fee 88 Mar. 6 To record cost of sale II II 1II I0
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The following transactions were selected from among those completed by Bennett Retailers in November and December: November 20 November 25 November 28 November 29 December 6 December 20 Required: Sold 20 items of merchandise to Customer B at an invoice price of $5,700 (total); terms 2/10, n/30. Sold two items of merchandise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 3 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms 2/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Customer B paid in full for the invoice of November 20. Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. Note: Do not round your…
Melody, Inc., accepts a national credit card. The collection fee is 6%. If credit card sales are $500, the correct journal is a. Accounts receivables 470 Sales 470 b. Accounts receivables 470 Credit card expense 30 Sales 500 c. Accounts receivables 500 Sales 500 d. Accounts receivable 500 Credit card discount 30 Sales 470
Haresh

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