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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Define Indirect method
What is canonical cover in DBMS?
What are the problems caused by lack of integration? Expalin.
How can thepayback method be useful?
What are some limitations of using the direct write-off method?
Explain high-low method.
Types of gap and give example with interpretation.
Define call option