Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Pearl Industries accepted a Visa card in payment of a $1,100 lunch bill. The bank charges a 4% fee. What entry should Pearl Industries make? (b) Whispering Winds Corp. sold its accounts receivable of $64,900. What entry should Whispering Winds Corp. make, given a service charge of 4% on the amount of receivables sold?
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Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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(a)
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Pearl Industries accepted a Visa card in payment of a $1,100 lunch bill. The bank charges a 4% fee. What entry should Pearl Industries make? | |
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(b)
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Whispering Winds Corp. sold its |
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- Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalAmerican Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June?Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Carla Vista Co. accepted a Visa card in payment of a $425 lunch bill. The bank charges a 2% fee. What entry should Carla Vista make?(b) Tamarisk, Inc. sold its accounts receivable of $65,000. What entry should Tamarisk make, given a service charge of 2% on the amount of receivables sold?
- Presented below are two independent transactions.a. Fiesta Restaurant accepted a Visa card in payment of a €175 lunch bill. The bank chargesa 4% fee. What entry should Fiesta make?b. St. Pierre Company sold its accounts receivable of €70,000. What entry should St. Pierremake, given a service charge of 3% on the amount of receivables sold?Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Crane Company accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Crane make? (b) Larkspur, Inc. sold its accounts receivable of $61,600. What entry should Larkspur make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and Explanation Debit Credit (a) enter an account title to record transaction A enter a debit amount enter a credit amount enter an account title to record transaction A enter a debit amount enter a credit amount enter an account title to record transaction A enter a debit amount enter a credit amount (b) enter an account title to record transaction B enter a debit amount enter a credit amount enter an account title to record transaction B enter a debit amount enter a credit amount…Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Sunland Company accepted a Visa card in payment of a $300 lunch bill. The bank charges a 2% fee. What entry should Sunland make? (b) Splish Brothers Inc. sold its accounts receivable of $60,400. What entry should Splish Brothers make, given a service charge of 2% on the amount of receivables sold? No. Account Titles and Explanation Debit Credit (a) enter an account title to record transaction A enter a debit amount enter a credit amount enter an account title to record transaction A enter a debit amount enter a credit amount enter an account title to record transaction A enter a debit amount enter a credit amount (b) enter an account title to record transaction B enter a debit amount
- Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Blossom Company accepted a Visa card in payment of a $300 lunch bill. The bank charges a 3% fee. What entry should Blossom make? (b) Kingbird, Inc. sold its accounts receivable of $67,100. What entry should Kingbird make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and Explanation Debit Credit (a) enter an account title to record transaction A enter a debit amount enter a credit amount enter an account title to record transaction A enter a debit amount enter a credit amount enter an account title to record transaction A enter a debit amount enter a credit amount (b) enter an account title to record transaction B enter a debit amount enter a credit amount enter an account title to record transaction B enter a debit amount enter a credit amount enter an account title to record transaction B enter a…please answer these 2 questions. Their pictures are attached as well 1. Under the allowance method, which of the following does not change the balance in the Accounts Receivable account? A) Collections on customer accounts. B) Write-offs. C) Returns on credit sales D) Bad debt expense adjustment. 2. On November 10 of the current year, Flores Mills provides services to a customer for $8,000 with credit terms 2/10, n/30. The customer made the correct payment on November 17. How would Flores record the collection of cash on November 17? A. Cash 7,840 Accounts Receivable. 7,840 B. Cash 7,840 Sales Discount 160 Accounts Receivable 8,000 C. Cash 7,840 Sales Revenue 160 Accounts Receivable 8000 D. Cash 8000 Accounts Receivable 8000Rush Co has a credit balance of RM54 in Jack Co’s receivables ledger. Which of these would explain this balance? A. Rush Co received a credit note for RM54 from Jack but Jack posted in the account of Twice Co. B. Rush Co sent a cheque to Jack for RM46 in respect of an invoice of RM100. C. Rush Co paid an invoice RM54, even though this invoice was subsequently cancelled. D. Rush Co bought but returned goods to Jack, totaling RM54. A credit note is yet to be issued.
- XYZ Company's bank statement shows an ending balance of $20,000. However, the company's records show an ending balance of $18,500. After comparing the two, XYZ Company found that the bank had deducted a $1,500 service charge, and had deposited $2,000 for a customer's payment directly into the company's account. What is the adjusted balance per the company's records?PLEASE TYPE IT AND NOT HANDWRITTEN A credit card has a balance of P129,776.71 on March 1. The credit card holder paid P10,000 on March 15. He made a purchase of P8,862.54 on March 16 and did not use the credit card until the end of the month. The monthly interest rate is 3.50% on purchases and 3.50% on cash advances. How much is the minimum amount to pay at the end of March?Brief Exercise 8-07 Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Blossom Company accepted a Visa card in payment of a $100 lunch bill. The bank charges a 4% fee. What entry should Blossom make? (b) Kingbird, Inc. sold its accounts receivable of $59,200. What entry should Kingbird make, given a service charge of 4% on the amount of receivables sold? No. Account Titles and Explanation Debit Credit (a) enter an account title to record transaction A enter a debit amount enter a credit amount enter an account title to record transaction A enter a debit amount enter a credit amount enter an account title to record transaction A enter a debit amount enter a credit amount (b) enter an account title to record transaction B enter a debit amount enter a credit amount enter an…