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Requirement 1. Suppose Parisian Cuisine's processor charges a 6% fee and deposits sales net of the fee. Journalize these sale transactions for the restaurant. (Record debits first, then credits. Select the explanation on the last line of the jou Journalize the credit sales net of the fee, first. Date Accounts and Explanation Now journalize the debit card sales net of the fee. Accounts and Explanation Date Debit Date Debit Credit Debit Credit Requirements Credit 1. 2. Suppose Parisian Cuisine's processor charges a 6% fee and deposits sales et of the fee. Journalize these sales transactions for the restaurant. Suppose Parisian Cuisine's processor charges a 6% fee and deposits sales using the gross method. Journalize these sales transactions for the restaurant. Requirement 2. Suppose Parisian Cuisine's processor charges a 6% fee and deposits sales using the gross method. Journalize these sale transactions for the restaurant. (For purposes of this problem, only record the sales revenue portion o gross method. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First journalize the credit sales using the gross method. Accounts and Explanation Print Done Data table X

Requirement 1. Suppose Parisian Cuisine's processor charges a 6% fee and deposits sales net of the fee. Journalize these sale transactions for the restaurant. (Record debits first, then credits. Select the explanation on the last line of the jou Journalize the credit sales net of the fee, first. Date Accounts and Explanation Now journalize the debit card sales net of the fee. Accounts and Explanation Date Debit Date Debit Credit Debit Credit Requirements Credit 1. 2. Suppose Parisian Cuisine's processor charges a 6% fee and deposits sales et of the fee. Journalize these sales transactions for the restaurant. Suppose Parisian Cuisine's processor charges a 6% fee and deposits sales using the gross method. Journalize these sales transactions for the restaurant. Requirement 2. Suppose Parisian Cuisine's processor charges a 6% fee and deposits sales using the gross method. Journalize these sale transactions for the restaurant. (For purposes of this problem, only record the sales revenue portion o gross method. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First journalize the credit sales using the gross method. Accounts and Explanation Print Done Data table X

FINANCIAL ACCOUNTING
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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**Understanding Journal Entries for Credit and Debit Sales: An Educational Guide** Restaurants often manage a significant volume of transactions through credit and debit cards. This guide will walk you through how Parisian Cuisine restaurant manages these transactions using specific accounting practices. ### Requirement 1: Suppose Parisian Cuisine's payment processor charges a 6% fee and deposits sales net of the fee. In this scenario, you need to: - **Journalize the credit sales net of the fee.** Record debits first, followed by credits. Then, provide an explanation. **Table for Credit Sales (Net of the Fee):** | Date | Accounts and Explanation | Debit | Credit | |------|--------------------------|-------|--------| | | | | | | | | | | | | | | | - **Journalize the debit card sales net of the fee** using the same process. **Table for Debit Sales (Net of the Fee):** | Date | Accounts and Explanation | Debit | Credit | |------|--------------------------|-------|--------| | | | | | | | | | | | | | | | ### Requirement 2: Consider the same 6% fee, but apply the gross method for recording sales instead. - **Journalize the credit sales using the gross method.** Concentrate only on the sales revenue. **Table for Credit Sales (Gross Method):** | Date | Accounts and Explanation | Debit | Credit | |------|--------------------------|-------|--------| | | | | | | | | | | | | | | | - **Journalize the debit sales using the gross method** similarly. **Table for Debit Sales (Gross Method):** | Date | Accounts and Explanation | Debit | Credit | |------|--------------------------|-------|--------| | | | | | | | | | | | | | | | ### Data Table: The following table provides sales data that you will use for the journal entries: - **National Express credit card sales**: $11,400 - **ValueCard debit card sales**: $5,000 This guide provides a structured approach to record sales transactions, considering processor fees and different accounting methods (net and gross). Proper journal entries are crucial for maintaining
Transcribed Image Text:**Understanding Journal Entries for Credit and Debit Sales: An Educational Guide** Restaurants often manage a significant volume of transactions through credit and debit cards. This guide will walk you through how Parisian Cuisine restaurant manages these transactions using specific accounting practices. ### Requirement 1: Suppose Parisian Cuisine's payment processor charges a 6% fee and deposits sales net of the fee. In this scenario, you need to: - **Journalize the credit sales net of the fee.** Record debits first, followed by credits. Then, provide an explanation. **Table for Credit Sales (Net of the Fee):** | Date | Accounts and Explanation | Debit | Credit | |------|--------------------------|-------|--------| | | | | | | | | | | | | | | | - **Journalize the debit card sales net of the fee** using the same process. **Table for Debit Sales (Net of the Fee):** | Date | Accounts and Explanation | Debit | Credit | |------|--------------------------|-------|--------| | | | | | | | | | | | | | | | ### Requirement 2: Consider the same 6% fee, but apply the gross method for recording sales instead. - **Journalize the credit sales using the gross method.** Concentrate only on the sales revenue. **Table for Credit Sales (Gross Method):** | Date | Accounts and Explanation | Debit | Credit | |------|--------------------------|-------|--------| | | | | | | | | | | | | | | | - **Journalize the debit sales using the gross method** similarly. **Table for Debit Sales (Gross Method):** | Date | Accounts and Explanation | Debit | Credit | |------|--------------------------|-------|--------| | | | | | | | | | | | | | | | ### Data Table: The following table provides sales data that you will use for the journal entries: - **National Express credit card sales**: $11,400 - **ValueCard debit card sales**: $5,000 This guide provides a structured approach to record sales transactions, considering processor fees and different accounting methods (net and gross). Proper journal entries are crucial for maintaining
**Requirement 2**: Suppose Parisian Cuisine's processor charges a 6% fee and deposits sales using the gross method. Journalize these sales transactions for the restaurant. *(For purposes of this problem, only record the sales revenue portion of these transactions using the gross method. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)* **First journalize the credit sales using the gross method.** - **Date**: [Blank Text Area] - **Accounts and Explanation**: [Blank Text Area] - **Debit**: [Blank Text Area] - **Credit**: [Blank Text Area] [Five rows of blank text areas are provided for each column.] **Lastly, journalize the debit sales using the gross method.** - **Date**: [Blank Text Area] - **Accounts and Explanation**: [Blank Text Area] - **Debit**: [Blank Text Area] - **Credit**: [Blank Text Area] [Five rows of blank text areas are provided for each column.]
Transcribed Image Text:**Requirement 2**: Suppose Parisian Cuisine's processor charges a 6% fee and deposits sales using the gross method. Journalize these sales transactions for the restaurant. *(For purposes of this problem, only record the sales revenue portion of these transactions using the gross method. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)* **First journalize the credit sales using the gross method.** - **Date**: [Blank Text Area] - **Accounts and Explanation**: [Blank Text Area] - **Debit**: [Blank Text Area] - **Credit**: [Blank Text Area] [Five rows of blank text areas are provided for each column.] **Lastly, journalize the debit sales using the gross method.** - **Date**: [Blank Text Area] - **Accounts and Explanation**: [Blank Text Area] - **Debit**: [Blank Text Area] - **Credit**: [Blank Text Area] [Five rows of blank text areas are provided for each column.]
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