At Finesse Arts, gross sales for the month included Sales on account (1/10, n/30) Credit card sales (4% credit card fee) $220,000 Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the mont $200,000 Read the requirements Requirement 1. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. (Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any journal entries.) First, record the sales on account. Journal Entry Date Accounts Debit Credit Accounts Receivable 200,000 i Requirements Sales Revenue 200,000 1. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month 2. Calculate the net sales revenue for the month Next, record the credit card sales Journal Entry Pint Done Date Accounts Debit Credit Cash 211,200 8,800 Credit Card Discount Expense Sales Revenue 220,000 Now, record the cash payments on account received during the month. (Prepare a compound entry for all cash payments on account received during the month.) Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer

Question

Answer all Questions. Ch.5-1

At Finesse Arts, gross sales for the month included
Sales on account (1/10, n/30)
Credit card sales (4% credit card fee) $220,000
Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the mont
$200,000
Read the requirements
Requirement 1. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. (Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any journal entries.)
First, record the sales on account.
Journal Entry
Date
Accounts
Debit
Credit
Accounts Receivable
200,000
i Requirements
Sales Revenue
200,000
1. Journalize the sales on account, the credit card sales, and the cash payments
on account received during the month
2. Calculate the net sales revenue for the month
Next, record the credit card sales
Journal Entry
Pint Done
Date
Accounts
Debit
Credit
Cash
211,200
8,800
Credit Card Discount Expense
Sales Revenue
220,000
Now, record the cash payments on account received during the month. (Prepare a compound entry for all cash payments on account received during the month.)
Journal Entry
Date
Accounts
Debit
Credit
Choose from any list or enter any number in the input fields and then click Check Answer
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Transcribed Image Text

At Finesse Arts, gross sales for the month included Sales on account (1/10, n/30) Credit card sales (4% credit card fee) $220,000 Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the mont $200,000 Read the requirements Requirement 1. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. (Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any journal entries.) First, record the sales on account. Journal Entry Date Accounts Debit Credit Accounts Receivable 200,000 i Requirements Sales Revenue 200,000 1. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month 2. Calculate the net sales revenue for the month Next, record the credit card sales Journal Entry Pint Done Date Accounts Debit Credit Cash 211,200 8,800 Credit Card Discount Expense Sales Revenue 220,000 Now, record the cash payments on account received during the month. (Prepare a compound entry for all cash payments on account received during the month.) Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer

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