m-Aug 28+d.vst.idref%3DP7001016677000000000000000003B8F]!/4/2[P700101667700000000000...QAA ES4-3 Collins Woodworking accepts VISA andMasterCard at its store. Collins is charged a processing fee of3% of the total amount of any credit card sale. Assume thatRussell Knight purchases $8,000 of custom furniture andpays with a VISA card. Make the entry to record the sale toKnight. (You do not need to make the cost of goods soldentry.)

JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Answered: S4-3 Collins Woodworking accepts VISA…

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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A buyer receives merchandise on September 7th that is invoiced for $3,250. The date on the invoice is August 2nd and the terms are 3/15 ROG. How much is due if the buyer pays the bill on September 24th? Answer: A buyer receives the bill for $2,500 of merchandise from a vendor. The date on the invoice is January 15th and the terms are net. How much is due to the vendor and what is the due date? Select one: O a. $2,450 on January 30th b. $2,500 on January 30th c. $2,450 on February 14th d. $2,500 on February 14th Merchandise received on March 2nd with a total quoted cost of $4,000 and transportation costs of $200 was billed on an invoice dated February 6th. The terms on the invoice were 2/10 ROG, FOB Destination, Charges Reversed. How much was due to the vendor if the buyer paid on February 26th? Answer: A buyer receives merchandise on April 2nd that is invoiced for $8,200. The date on the invoice is April 27th and the terms are 2/10 EOM. What is due if the buyer pays by May 15th? Select…
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