Ef 567. ←Flash Running Shoes reports the following:(Click the icon to view the transaction information.)Joumalize all entries required for Flash Running Shoes. (Record debits first, then credits. Select the explanation on thentry table.)Feb 4, 2024: Recorded credit card sales of $110,000, net of processor fee of 2% ignore Cost of Goods Seld (Prepare ijournal entry)Date2024Feb. 1More info2024Feb. 1Feb. 15Feb. 28Accounts and ExplanationDebitRecorded North American Express credit card sales of $110,000, net ofprocessor fee of 2%. Ignore Cost of Goods Sold.CreditRecorded Vista credit card sales of $90,000. Processor charges a 1.5% fee.Vista charges the fee at the end of the month, therefore Flash uses the grossmethod for these credit card sales. Ignore Cost of Goods Sold.PrintVista collected the fees for the month of February. Assume the February 15transaction is the only Vista credit card sale.Doneanaold. (

Name: Ef 567. ←Flash Running Shoes reports the following:(Click the icon to
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Description: Ef 567. ←Flash Running Shoes reports the following:(Click the icon to view the transaction information.)Joumalize all entries required for Flash Running Shoes. (Record debits first, then credits. Select the explanation on thentry table.)Feb 4, 2024:

The journal entries are prepared to record the transactions on regular basis. The credit card…

Business

Accounting

2024 Feb. 1 Recorded North American Express credit card sales of $110,000, net of processor fee of 2%. Ignore Cost of Goods Sold. Feb. 15 Recorded Vista credit card sales of $90,000. Processor charges a 1.5% fee. Vista charges the fee at the end of the month, therefore Flash uses the gross method for these credit card sales. Ignore Cost of Goods Sold. Feb. 28 Vista collected the fees for the month of February. Assume the February 15 transaction is the only Vista credit card sale.

2024 Feb. 1 Recorded North American Express credit card sales of $110,000, net of processor fee of 2%. Ignore Cost of Goods Sold. Feb. 15 Recorded Vista credit card sales of $90,000. Processor charges a 1.5% fee. Vista charges the fee at the end of the month, therefore Flash uses the gross method for these credit card sales. Ignore Cost of Goods Sold. Feb. 28 Vista collected the fees for the month of February. Assume the February 15 transaction is the only Vista credit card sale.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter24: Recording International And Internet Sales

Section: Chapter Questions

Problem 1MP

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