these transactions on January 28, 2016: --------------------------------------------------------- National Express credit card sales         $ 10,800 ValueCard debit card sales                       10,000 --------------------------------------------------------- Requirements Suppose Summer, Sand, and Castles Resort’s proc

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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, 2016:

---------------------------------------------------------

National Express credit card sales         $ 10,800

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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