Recording credit card and debit card sales Restaurants do a large volume of business by credit and debit cards. Suppose Summer, Sand, and Castles Resort restaurant had these transactions on January 28, 2018: $10,800 National Express credit card sales ValueCard debit card sales 10,000 Requirements 1. Suppose Summer, Sand, and Castles Resort's processor charges a 2% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant. 2. Suppose Summer, Sand, and Castles Resort's processor charges a 2% fee and deposits sales using the gross method. Journalize these sales transactions for the restaurant
Recording credit card and debit card sales Restaurants do a large volume of business by credit and debit cards. Suppose Summer, Sand, and Castles Resort restaurant had these transactions on January 28, 2018: $10,800 National Express credit card sales ValueCard debit card sales 10,000 Requirements 1. Suppose Summer, Sand, and Castles Resort's processor charges a 2% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant. 2. Suppose Summer, Sand, and Castles Resort's processor charges a 2% fee and deposits sales using the gross method. Journalize these sales transactions for the restaurant
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Recording credit card and debit card sales
Restaurants do a large volume of business by credit and debit cards. Suppose Summer,
Sand, and Castles Resort restaurant had these transactions on January 28, 2018:
$10,800
National Express credit card sales
ValueCard
debit card sales
10,000
Requirements
1. Suppose Summer, Sand, and Castles Resort's processor charges a 2% fee and
deposits sales net of the fee. Journalize these sales transactions for the
restaurant.
2. Suppose Summer, Sand, and Castles Resort's processor charges a 2% fee and
deposits sales using the gross method. Journalize these sales transactions for the
restaurant
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