Brinker except all major bank credit cards, including first savings banks, which assesses a 4% charge on sales for using its card. On May 26, Brinker had $5900 in first savings Bank credit card sales. What entry should break or make on May 26 to record the deposit?

Q: Green Valley Bank sent Comstock Industries their end of month bank statement for July. The end of…

A: Bank reconciliation is the process of comparing bank statement with books of records to detect…

Q: Colaw Stores accepts both its own and national credit cards. During the year, the following selected…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS      Debit Credit     Jan.15 Accounts Receivable…

Q: What entry should be made on July 9 to record receipt of the note?   Multiple Choice   Debit Notes…

A: Accounts Receivable - Whenever the Goods are sold on the credit, the Account which is created to…

Q: A cheque in the amount of $455 was returned by the bank marked "NSF". A bank service fee of $15 was…

A: As per relevant accounting principles, in case of cheque returned due to non-sufficient funds in the…

Q: The credit card with the transactions described in the popup below uses the average daily balance…

A: Credit CardIt is a card issued to customers for making payment towards goods and services. These…

Q: Rosen Company receives a $9,000, 3-month, 6% promissory note from Bay Company in settlement of an…

A:

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Interest on note = Notes payable x interest payable x no. of days/365 = 34,560*10%*45/360 = $432

Q: The following table show's a credit cardholder's transactions for his credit card with statement…

A: (a) Carry-Over Balance = Total amount due in previous statement - Payment…

Q: Find the average daily balance

A: Meaning of Average Daily Balance Average daily balance refers to a method where the credit card…

Q: ABC Co.'s July bank statement shows a $5,450 cheque received from customer Ms. Mary Opal for…

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

Q: Elizabeth's chequing account had a balance of $4,500.00 on December 1st. After reviewing her…

A: ACCOUNT BALANCE =$ 4500 NSF CHARGES =$120 SERVICE CHARGES = $19.95 NOTE COLLECTED =$750 DEPOSIT MADE…

Q: We sold ABC company merchandise on account for $24,000 They were unable to pay it so we changed it…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: On March 29, Jangles Corporation received a $21,800 invoice dated March 26. Cash discount terms were…

A: 4/10 Term says that if the due amount is paid within 10 days then. they can avail 4 % discount.

Q: The activity date, company, and amount for a credit card bill are shown below. The due date of the…

A: Here, Interest rate = 1.7% per month To Find: Finance charge =?

Q: In John​ Balfour's credit card account interest is charged on the average daily balance. The cycle…

A: The finance charge is the amount charged by using some fixed percentage on the borrowed amount by…

Q: MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS 4) Bank Credit Memorandum states…

A: Journal entry means the entry in prime book with chronological order. Journal entry should have…

Q: In John Balfour's credit card account interest is charged on the average daily balance. The cycle…

A: Firstly , calculate the average daily balance : Period  Days Balance amount Total days amount…

Q: On September 1, The business sold merchandise for 33.000 TL (including 10% VAT) FOB Destination. The…

A: Notes payable are the asset of the firm where a borrower gives a written promise to lender to pay…

Q: On Dec 15, Soul trading signed a $120,000, 7%, 120-day not payable with the bank. The note was…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On December 1, 2009, LOAN Company assigned on a non-notification basis accounts receivable of…

A:

Q: The ending bank statement balance for Khareef Salalah Company at November 30 is RO 7,070. The bank…

A: This question is taken from the bank reconciliation statement In this question we have been asked to…

Q: On June 22, The business sold merchandise for 11.000 TL (including 10% VAT) FOB Destination. The…

A: Notes: Notes can be defined as a promise made by the borrower to the lender for making the payment…

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: The journal entries are prepared to record daily transactions of the business.

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Journal entries is the term of accounting which means reporting of the transactions of the business…

Q: ollowing information is available for the Awesome Company on March 31, 2021: Bank statement…

A: Solution: Correct cash balance = Bank statement balance - Outstanding checks

Q: On April 25, The business sold merchandise for 55.000 TL (including 10% VAT) FOB Destination. The…

A: When goods are sold out and vat is charged , then vat is the tax payable to the government and not…

Q: he following notes receivable transactions occurred for the Hara Compan onths of the current year.…

A: Journal Entry: Date Particulars Debit Credit  Oct 09 12% Notes Receivable - Kanda $5,000…

Q: • A bank service charge of $10 is deducted by the bank and appears on the November 30 bank…

A: Bank reconciliation helps in matching the balances of bank account and cash book.

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Interest on notes = face value of notes x rate of interest x no. Of days/360 = 37440*8%*30/360 =…

Q: On October 13, The business sold merchandise for 198.000 TL (including 10% VAT) FOB Destination. The…

A: The selling of assets is recorded by debiting to notes receivable and crediting the machinery…

Q: City Graphics has the following notes payable transactions. July 5 Issued a $3,500 note to Roma…

A: Journal entry is recording of the transactions of the business in the books of accounts of the…

Q: On June 29, a retailer buys goods worthy P3,000. To take advantage of a 5% cash discount, the…

A: Calculations are as follows.

Q: A credit card balance at the beginning of November is $4,000. On Nov. 3 a $300 charge is made. On…

A: daily average balance formula: daily average balance =sum of daily balancebilling period

Q: Using the information from given question, what is the reconciled balance on Hapley’s November 30…

A: Bank Reconciliation statement is the statement which is prepared to reconcile cash balance as per…

Q: The following table show's a credit cardholder's transactions for his credit card with statement…

A: The credit card holder's transactions for his credit card are given to us. The statement is upto…

Q: A credit card company determines a card holder's minimum monthly payment by adding all new interest…

A: Total outstanding principal = $592+$429+$120+$104Total outstanding principal = $1245 Total days till…

Q: credit card bill for $657 was due on April 14. Purchases of $155.56 were made on April 19. The…

A: Balance from April 14 th to 18th = 657 April 19th to 20st = 657 + 155.56 = 812.56 April 21st to 24th…

Q: The credit card with the transactions described in the popup below uses the average daily balance…

A: Credit CardIt is a card issued to customers for making payment towards goods and services. These…

Q: On March 31, Dower Publishing discounted a $30,000 note at a local bank. The note was dated February…

A: Notes receivable: Notes receivable denotes a long-term asset that describes the amount to be…

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

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

Q: On July 9, Mifflin Company receives a $10,200, 90-day, 6% note from customer Payton Summers to…

A: Journal entry refers to the process of recording commercial transactions for the first time in the…

Q: On June 30, Petrov Co. has $128,700 of accounts receivable. July 4 Sold $7,245 of merchandise (that…

A: Prepare the journal entries: Date Accounts title Debit ($) Credit ($) 4-Jul Accounts…

Q: On December 1, 2017, Marin, Inc. assigns $ 3,380,000 of its accounts receivable to Sweet Acacia Bank…

A: It will deduct by bank in payment of notes.

Q: On September 1, QUEROL COMPANY assigns specific receivables totaling P750,000 to Davao Bank as…

A: The interest expense may be a non-operating expense shown on the operating statement. It’s primarily…

Q: James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and…

A: Interest on note = face value of the note x rate of interest x no. Of days/360 = (48960-4000)…

Q: We sold ABC company merchandise on account for $24,000 They were unable to pay it so we changed it…

A: Accounts receivable has debit balance because it is our assets so if we want to discharge it we have…

Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2018. The note,…

A: Prepare journal entries.

Q: P8-5A Rodriguez Company maintains a checking account at the Imura Bank. At July 31, selected data…

A: Bank reconciliation statement: Bank reconciliation statement is a statement prepared by the account…

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.