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 debit amount enter a credit 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 debit amount enter a credit amount
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 2SEQ
Related questions
Question
100%
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 debit amount
enter a credit amount
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