Prepare journal entries for the following transactions from Cars Plus.Oct. 18Customer Angela Sosa purchased $139,980 worth of car parts with her Standard credit card. The cost to Cars Plus for the sale is $90,250.Standard credit card charges Cars Plus a fee of 5% of the sale.Oct. 24Standard remits payment to Cars Plus, less any fees. O Columbus Technical College - M XBb Chapter 9 Lab Application - AC Xk CengageNowv2 | Online teachin xb Answered: Prepare journal entrie x+A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseO Columbus Technic.My appliactionjstE Reading listChapter 9 Lab ApplicationeBookShow Me HowPrepare journal entries for the following transactions from Cars Plus.1. FA.EA.09.02.ALGOOct. 18 Customer Angela Sosa purchased $139,980 worth of car parts with her Standard credit card. The cost to Cars Plus for the sale is $90,250.2. FA.EA.09.03.ALGOStandard credit card charges Cars Plus a fee of 5% of the sale.Oct. 24 Standard remits payment to Cars Plus, less any fees.3. FA.EA.09.04.ALGO4. FA.EA.09.05.ALGOIf an amount box does not require an entry, leave it blank. Round your answers to two decimal places.Oct. 18 - Sale on credit Accounts Receivable: Sosa5. FA.EA.09.10. ALGOCredit Card Expense6. FA.EA.09.14.ALGOSales Revenue7. FA.EA.09.16.ALGOOct. 18 - Cost of saleOct. 24Check My Work3 more Check My Work uses remainingNext

Credit card expense = sales x Credit card charges rate = 139980 x 5% = $6,999DATE ACCOUNTS DEBIT CREDIT Oct. 18 Accounts receivable:Sosa $132981 Credit card expense $6,999 Sales revenue 139980 Oct 18 Cost of goods sold 90250 Inventory 90250 Oct 24 Cash $132981 Accounts receivable:Sosa $132981

Answered: Prepare journal entries for the…

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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Utilizing the revenue journal below, journalize the following five transactions of Porshe Creations: a. On March 20, Porshe sells 30 cell phone covers to Xtreme at $5.00 per cover on Invoice No. 897. b. On March 21, Porshe sells 10 cell phone covers to Sidekick for $8.00 per cover on Invoice No. 918. c. On March 22, Porshe sells 23 cell phone covers to Rock-On at $4.50 per cover on Invoice No. 948. d. On March 26, Porshe sells 210 cell phone covers to Micro at $4.00 each on Invoice No. 969. e. On March 29, Porshe sells 12 cell phone covers to Charmers for $8.50 each on Invoice No. 987. If required, round your answers to two decimal places. Page: 15 POST. REF. DATE ACCOUNT DEBITED INVOICE NO. ACCTS. REC. DR. FEES EARNED CR. 1 2 2 3 4 3.
Please provide answer in text (Without image), every entry should have narration please
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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Review the following situations and record any necessary journal entries for Mequon’s Boutique. May 10 Mequon’s Boutique purchases $2,700 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $110 cash. Terms of the purchase are FOB Shipping Point. May 14 Mequon’s Boutique sells $3,400 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon’s of $1,800. Shipping charges are an extra $150 cash. Terms of the sale are FOB Shipping Point. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
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Record the following purchase transactions of Money Office Supplies. Aug. 3 Purchased 30 chairs on credit, at a cost of $60 per chair. Shipping charges are an extra $5 cash per chair and are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3. Aug. 7 Purchased 22 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $3.50 cash per chair and are not subject to discount. Terms of the purchase are FOB Destination. Aug. 12 Money Office Supplies pays in full for their purchase on August 3. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Aug. 3 Purchase Merchandise Inventory Merchandise Inventory Accounts Payable Accounts Payable Aug. 3 Shipping charges Merchandise Inventory Merchandise Inventory Cash Cash Aug. 7 Purchase with cash Merchandise Inventory Merchandise Inventory Cash Cash Aug. 12…
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
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.) Date Accounts and Explanation Debit Credit Apr. 30 10. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Joumalize the sales transaction for the restaurant. Date Apr. 30 Accounts and Explanation Debit Credit
eBook Consider the following transaction: On March 6, Fun Cards sells 570 card decks with a sales price of $9 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. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card.
Restaurants do a large volume of business by credit and debit cards. Suppose Chocolate Passion restaurant had these transactions on January 28: View the transactions. Read the requirements. ☑ Requirement 1. Suppose Chocolate Passion's processor charges a 6% fee and deposits sales net of the fee. Journalize these sale transactions for the restaurant. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the credit sales net of the fee, first. Date Accounts and Explanation Transactions Debit Credit National Express credit card sales $ 10,700 ValueCard debit card sales 8,000 Print Done ☑ Requirements - Suppose Chocolate Passion's processor charges a 6% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant. 2. Suppose Chocolate Passion's processor charges a 6% fee and deposits sales using the gross method. Assume that on January 28, the company pays the fees assessed by the credit card…
Please read the questions carefully the First question is asking for journal entry.

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Oct. 18	Customer Angela Sosa purchased $139,980 worth of car parts with her Standard credit card. The cost to Cars Plus for the sale is $90,250. Standard credit card charges Cars Plus a fee of 5% of the sale.
Oct. 24	Standard remits payment to Cars Plus, less any fees.