Presented below are three independent situations. 1. On March 15, 40 customers used debit cards to purchase merchandise for a total of $8,800 from Ivanhoe Town. Ivanhoe Town pays a $1.10 debit card fee for each transaction. 2. On June 21, Sarasota Creations Gallery sells a painting to Constance Furrow for $2,700. Constance uses her Visa bank credit card to pay for the purchase. The bark charges Sarasota Creations 5% fee for all credit card transactions. On July 17, Constance receives her Visa bill and pays for this purchase. 3. On October 7, A. Ramos uses his store credit card to purchase merchandise from The Metlock for $620. On November 10, Ramos receives his credit card bill from The Metlock and pays for this purchase. (a) Prepare Ivanhoe Town's journal entries for the transactions in part (1). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If ne entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to 0 decimal places, eg 5,275.) Date Account Titles and Explanation Mar. 15 Debit Credit
Presented below are three independent situations. 1. On March 15, 40 customers used debit cards to purchase merchandise for a total of $8,800 from Ivanhoe Town. Ivanhoe Town pays a $1.10 debit card fee for each transaction. 2. On June 21, Sarasota Creations Gallery sells a painting to Constance Furrow for $2,700. Constance uses her Visa bank credit card to pay for the purchase. The bark charges Sarasota Creations 5% fee for all credit card transactions. On July 17, Constance receives her Visa bill and pays for this purchase. 3. On October 7, A. Ramos uses his store credit card to purchase merchandise from The Metlock for $620. On November 10, Ramos receives his credit card bill from The Metlock and pays for this purchase. (a) Prepare Ivanhoe Town's journal entries for the transactions in part (1). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If ne entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to 0 decimal places, eg 5,275.) Date Account Titles and Explanation Mar. 15 Debit Credit
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 7MCQ
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Do not give solution in image
![Presented below are three independent situations.
1. On March 15, 40 customers used debit cards to purchase merchandise for a total of $8,800 from Ivanhoe Town. Ivanhoe Town pays a $1.10 debit card fee for each transaction.
2. On June 21, Sarasota Creations Gallery sells a painting to Constance Furrow for $2,700. Constance uses her Visa bank credit card to pay for the purchase. The bark charges Sarasota Creations
5% fee for all credit card transactions. On July 17, Constance receives her Visa bill and pays for this purchase.
3. On October 7, A. Ramos uses his store credit card to purchase merchandise from The Metlock for $620. On November 10, Ramos receives his credit card bill from The Metlock and pays for this
purchase.
- (a)
Prepare Ivanhoe Town's journal entries for the transactions in part (1). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If ne entry
is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to a decimal places, eg 5,275.)
Date Account Titles and Explanation
Mar. 15
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F29fcbd38-ed63-4c32-9089-35283129b5f4%2Fe3da81ff-a888-4f83-8c50-0d6815e97391%2Fupjti05_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Presented below are three independent situations.
1. On March 15, 40 customers used debit cards to purchase merchandise for a total of $8,800 from Ivanhoe Town. Ivanhoe Town pays a $1.10 debit card fee for each transaction.
2. On June 21, Sarasota Creations Gallery sells a painting to Constance Furrow for $2,700. Constance uses her Visa bank credit card to pay for the purchase. The bark charges Sarasota Creations
5% fee for all credit card transactions. On July 17, Constance receives her Visa bill and pays for this purchase.
3. On October 7, A. Ramos uses his store credit card to purchase merchandise from The Metlock for $620. On November 10, Ramos receives his credit card bill from The Metlock and pays for this
purchase.
- (a)
Prepare Ivanhoe Town's journal entries for the transactions in part (1). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If ne entry
is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to a decimal places, eg 5,275.)
Date Account Titles and Explanation
Mar. 15
Debit
Credit
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