MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Financial & Managerial Accounting, The Financial Chapters (My Accounting Lab)

5th Edition

ISBN: 9780133877281

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Textbook Question

Chapter 8, Problem 8.21E

Journalizing credit card sales, note receivable transactions, and accruing interest

Marathon Running Shoes reports the following:

2016
Feb. 4	Recorded credit card sales of $96,000, net of processor fee of 1 %. Ignore Cost of Goods Sold.
Sep. 1	Loaned $23,000 to Jess Prichett, an executive with the company, on a one-year, 12% note.
Dec. 31	Accrued interest revenue on the Prichett note.
2017
Sep. 1	Collected t he maturity value of the Prichett note.

Journalize all entries required for Marathon Running Shoes.

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Chapter 8, Problem 8.20E

Chapter 8, Problem 8.22E

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Chapter 8 Solutions

MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Financial & Managerial Accounting, The Financial Chapters (My Accounting Lab)

Ch. 8 - Prob. 1QC Ch. 8 - When recording credit card or debit card sales...Ch. 8 - Which of the following is a limitation of the...Ch. 8 - The entry to record a write-off of an...Ch. 8 - Brickman Corporation uses the allowance method to...Ch. 8 - Brickmans ending balance of Accounts Receivable is...Ch. 8 - At December 31 year-end, Crain Corporation has an...Ch. 8 - Using the data in the preceding question, what...Ch. 8 - At year-end, Schultz, Inc. has cash of 11,600,...Ch. 8 - Using the data in the preceding question, assume...

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Solution Summary: The author explains that credit cards are an electronic card, which allows the credit card holders to buy something on credit at convenience without paying immediate cash.

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Chapter 8 Solutions