### Educational Transcription of the Journal Entry WorksheetThe image above is a screenshot from an accounting software interface designed to help users prepare journal entries for various transactions. The worksheet requires the user to input their answers into tabs labeled "Required 1" and "Required 2."#### Instructions- **Requirement Overview:** The user is instructed to prepare an appropriate journal entry for each transaction. It specifies not to record the cost of goods sold. If a transaction or event does not require a journal entry, the user should select "No journal entry required" in the first account field. Answers should be rounded to the nearest whole dollar.#### Specific Transaction- **Described Transaction:** - Merchandise Sale: Two items were sold to Customer B with a total sales price of $570, processed via Visa credit card. - Fee: Visa charges a 2% credit card fee on this transaction.#### Journal Entry Worksheet- **Guidance:** - Note: Users are reminded to enter debits before credits.- **Layout:** - **Date Column:** The transaction occurs on November 20. - **General Journal Columns:** - Two blank rows are provided for entering the accounts affected, with columns for "Debit" and "Credit" amounts. - Buttons for "Record entry" and "Clear entry" are available, as well as an option to view the general journal.This interface helps streamline the data entry process for accounting professionals by providing a clear structure for recording transactions, calculating fees, and ensuring accurate financial documentation.

A journal entry is made to record the financial transaction in the books of accounts. Adjusting…

Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet 1 4 5 6. Sold two items of merchandise to Customer B, who charged the $570 sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee.

Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet 1 4 5 6. Sold two items of merchandise to Customer B, who charged the $570 sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee.

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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Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Mar. 1 Sold merchandise on account, $74,200 with terms 2/10, n/30. The cost of the merchandise sold was $43,300. 9 Received payment less the discount. 13 Issued a $2,500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
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