Archer allows customers to use bank credit cards to charge purchases.  The bank used by Archer processes all bank credit cards in exchange for a 3% processing fee.  All credit card receipts deposited are credited to the company account on the day of deposit.  Assume that on August 10, Archer sold and deposited $5,200 worth of bank credit card receipts.  The cost of sales is $2,800.  Record this transaction in the general journal.

Q: Ellie Haas, owner of Haas's Dry Cleaners, makes bank deposits in the night depository at the close…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Using the following information, prepare a bank reconciliation for Biron Bay Ltd as at 31 May.…

A: Bank reconciliation: The purpose of bank reconciliation is to compare the Cash account balance…

Q: The entry to replenish the petty cash fund will include A a credit to Cash for $412. B a credit to…

A: Given information is: Petty Cash fund = $500 Receipts at the end of the month = $412 Currency = $62

Q: Ellie Harrod, owner of Harrod’s Dry Cleaners, makes bank deposits in the night depository at the…

A: Cash is asset account. Since the cash collected from sales revenue is recorded, the asset value…

Q: rown Company's bank statement for September 30 showed ank slatement balance Book balance of cash…

A: Bank reconciliation statement is prepared by the customers. it is a statement which is prepared for…

Q: Fairy Company is engaged in the sale of ladies accessories that are being distributed in some malls…

A: Solution: Cash disbursement in august as per books = P265,000 Check cleared in bank in August =…

Q: Daryl Swan operates four video rental stores. She has just received the monthly bank statement at…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: On March 4, Micro Sales makes $12,300 in sales on bank credit cards which charge a 1% service charge…

A: In the case of credit card sales, there can be 2 Instances: 1st Instance: Payment Received by the…

Q: Credit Card Sales  Jamie’s Fabrics accepts cash, personal checks, and two credit cards when…

A: Journal:  Journal is the method of recording monetary business transactions in chronological order.…

Q: On March 4, Micro Sales makes $10,500 in sales on bank credit cards that charge a 2% service charge…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: On the bank stub held by a checking account bank client, write the beginning balance of $100.00 and…

A: The ending balance will be calculated by adding all the deposits along with the beginning balance…

Q: [The following information applies to the questions displayed below.] Del Gato Clinic's cash account…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Saturn Company deposits all receipts daily and makes all payments by cheque. The following…

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

Q: Saturn Company deposits all receipts daily and makes all payments by cheque. The following…

A: Since we answer only three sub-parts, we will answer first three. Please resubmit the question…

Q: The College Store accepts MasterCard for payments of purchases made by students. The credit card…

A: Service charge expense = Amount deposited x MasterCard charges = $10,000 x 1.55% = $155

Q: Roses Company uses a cash receipts journal. The company charges sales tax, makes bank credit card…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Pearl Company maintains a checking account at the City Bank. The bank provides a bank statement…

A: 1. a. 700,000 2. b. 920,000 3. c. 990,000

Q: During the year, the following sales transactions occur. There is a charge of 3% on all credit card…

A: Given information is:  There is a charge of 3% on all credit card transactions and a 1% charge on…

Q: Peterson Company's general ledger shows a cash balance of $7,450 on May 31. May cash receipts of…

A: Bank reconciliation statement is prepared to reconcile the entity's bank account with its financial…

Q: Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which…

A: Credit card expense = $4,900 x 5% = $245 Credit card expense is borne by the seller and the seller…

Q: Roper Electronics received its bank statement for the month of August with an ending balance of…

A: Bank Reconciliation Statement: This is a statement which is prepared to reconcile the bank balance…

Q: Romalyn Beauty Products has the following items in its books: Current account - Patricia Bank…

A: Adjusted Undeposited collections =Undeposited collections - Customer check of February 5, 2021=P…

Q: Catherine's cookies has a beginning balance in the account payable control total account of $8,200.…

A: Ending balance in accounts payable account = Beginning balance + purchase - payment made

Q: On august 31, baginski aunt company receives its bank statement on below. The company deposit it’s…

A: Answer 1)

Q: Historically, 60 percent of the customer bills at the Andrews’ Supper Club have been paid with cash…

A: Balance sheet means where all assets , liabilities and capital is shown. Accounting principles says…

Q: Credit Card Sales Ruth Anne's Fabrics accepts cash, personal checks, and two credit cards when…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Aggie Company received its bank statement for the month of January with an ending balance of…

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

Q: Damon Company receives its monthly bank statement, which reports a balance of $2,000. After…

A: Deposits in transit: Deposit in transit means the money received by a company and recorded in the…

Q: The bank statement balance is $3,500 and shows a service charge of $24 ​, interest earned of $3​,…

A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…

Q: Complete a Bank Reconciliation for the following: On March 31st the checkbook balance of Dust…

A: Bank Reconciliation statement.

Q: Egad Company provided the following information for October and November: Checks and charges…

A: Total checks recorded = Total check and charges recorded - Service charges = 1100000 - P8000 =…

Q: Haverman Company maintains a checking account at the Commerce Bank. At July 31, selected data from…

A: The question is based on the concept of the bank reconciliation statement.

Q: If a company accepts credit cards, they must record the expense on their books. Please prepare the…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Pearl Company maintains a checking account at the City Bank. The bank provides a bank statement…

A: Bank reconciliation is a method of reconciliation of balance in bank book with the total of balance…

Q: Jervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash.…

A: Factoring means the sale of Accounts receivable to third party for cash.Companies sell their…

Q: On November 1, Orpheum Company accepted a $12,000, 90-day, 10% note from a customer to replace an…

A: Notes receivable have been received in exchange for accounts receivable. Notes receivable (asset)…

Q: A deposit of $25,000 made by Federal Trading appeared on the bank statement of Fidel Trading. hello,…

A: The cashbook is prepared to record the cash transactions of the business.

Q: Daryl Swan operates four video rental stores. She has just received the monthly bank statement at…

A: Bank Reconciliation statement is used to adjust the balances of cash book and pass book to make them…

Q: Hyacinth Company established an imprest petty cash fund for P10,000 by writing a check drawn against…

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: On January 25, Coot Company has $380,000 deposited with a local bank. On January 27, the company…

A: Bank is a financial institution that carries two primary functions as accepting deposits from…

Q: Catherine's cookies has a beginning balance in the accounts payable  total account of $8,200. In the…

A: Accounts payable balance represents the amount that is payable to suppliers or vendors for the…

Q: Frederick Clinic deposits all cash receipts on the day when they are received and it makes all cash…

A: Bank reconciliation statement is prepared by almost every organization at a particular time. It is a…

Q: Frederick Clinic deposits all cash receipts on the day when they are received and it makes all cash…

A: Bank reconciliation statement: This statement shows the deposits, withdrawals and other charges and…

Q: Carson's Bakery requires $500 cash to be on hand in the petty cash fund. During the month of October…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: Record the following transactions in the cash receipts journal. Jun. 12 Your company received…

A: Sales discount = Sales x discount rate = $1,715 x 2% = $34.30 Cash received = Sales - Sales…

Q: Hazelton Manufacturing prepares a bank reconciliation at the end of every month. At the end of May,…

A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or…

Q: At August 31, Concord Company has a cash balance per books of $7,900 and the following additional…

A: Cash is the highly liquid asset for any company. It is to be shown in the balance sheet on assets…

Q: Jessie has a cash account per general ledger that shows a balance of $78,659 at October 31, 2021.…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.