Record the following selected transactions in the general journal of Lee’s TV & Electronics Repair. Assume that the company uses a periodic inventory system, Scotiabank charges merchants $0.50 per debit card transaction, PayPal charges 1% of sales as service fees and MasterCard charges 4% of sales as service fees.Mar.4Recorded Scotiabank debit card sales of $12,000, consisting of 150 transactions. 10Recorded MasterCard credit card sales of $10,000. 15Credit sales of $14,600 were recorded, 2/10, n/30. Apr.1AeroPlan card was accepted for $3,100 of payments. This card requires that receipts are submitted for payment manually. A 2% fee applies. May8PayPal sales of $35,000 was received. 18Wrote off $700 of accounts receivables. 31Bad debts were estimated to be 2% of the $750,000 accounts receivable balance. There was a $900 credit balance in the allowance for doubtful accounts.

Journal Entries Date Particulars Debit Credit 4 Mar Bank Charges Account 11925 Bank…

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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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Record the following selected transactions in the general journal of Lee’s TV & Electronics Repair. Assume that the company uses a periodic inventory system, Scotiabank charges merchants $0.50 per debit card transaction, PayPal charges 1% of sales as service fees and MasterCard charges 4% of sales as service fees.

Mar.	4	Recorded Scotiabank debit card sales of $12,000, consisting of 150 transactions.

	10	Recorded MasterCard credit card sales of $10,000.

	15	Credit sales of $14,600 were recorded, 2/10, n/30.

Apr.	1	AeroPlan card was accepted for $3,100 of payments. This card requires that receipts are submitted for payment manually. A 2% fee applies.

May	8	PayPal sales of $35,000 was received.

	18	Wrote off $700 of accounts receivables.

	31	Bad debts were estimated to be 2% of the $750,000 accounts receivable balance. There was a $900 credit balance in the allowance for doubtful accounts.

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