On July 4, Ivanhoe’s Restaurant accepts a Visa card for a $500 dinner bill. Visa charges a 2% service fee
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On July 4, Ivanhoe’s Restaurant accepts a Visa card for a $500 dinner bill. Visa charges a 2% service fee.
Prepare the entry on Ivanhoe’s books related to this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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Date
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Account Titles and Explanation
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Debit
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Credit
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July 4
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- On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalReview the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.
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- 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?Gomez Corporation uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer, C. Green. On March 9, it receives a $300 payment from Green.1. Prepare the journal entry for January 31.2. Prepare the journal entries for March 9; assume no additional money is expected from Green.Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $900 account of a customer, C. Green. On March 9, it receives a $400 payment from Green. 1. Prepare the journal entry for January 31 2. Prepare the journal entries for March 9; assume no additional money is expected from Green.
- On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000, 8% note. (a)Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) DateAccount Titles and ExplanationDebitCreditJune 1 (b)The parts of this question must be completed in order. This part will be available when you complete the part above. (c)The parts of this question must be completed in order. This part will be available when you complete the part above. (d)The parts of this question must be completed in order. This part will be available when you complete the part above.On April 2, Jennifer Elston uses her JCPenney Company credit card to purchase merchandise from a JCPenney store for $1,000. On May 1, Elston is billed for the $1,000 amount due. Elston pays $500 on the balance due on May 3. Elston receives a bill dated June 1 for the amount due, including interest at 3.0% per month on the unpaid balance as of May 3. Prepare the entries on JCPenney Co.’s books related to the transactions that occurred on April 2, May 3, and June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date…On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $11,000. In payment for the services, Whole Grain Bakery signs a 9% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Whole Grain Bakery, record the issuance of the note payable on March 1 and the cash payment on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
