On March 4, Micro Sales makes $4,850 in sales on bank credit cards that charge a 2.5% service charge. Funds are deposited net of credit card expenses into Micro Sales' bank account at the end of the business day. Journalize the sales and recognition of expense as a single journal entry.

Q: A company had the following sales transactions: 1. Total debit card sales = $270,000. 2. Total…

A: Sales Transactions Revenue: Sales revenue is the amount of money earned by a corporation through the…

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: Enter the following in the three-column cash book of an office supply shop. Balance off the cash…

A: A cash book refers to a journal prepared to record the cash disbursements and cash receipts in the…

Q: On July 31, the accountant for Team Shirts was reviewing items related to accounts receivable. The…

A: Bad debts expense for July = Credit Sales x  estimated uncollectible % Ending balance in the…

Q: A company had the following sales transactions: 1. Total debit card sales = $230,000. 2. Total…

A: Total sales include all the transactions related to sales i.e debit card, credit card, check sales,…

Q: Ex. ABC has a $150,000 opening balance in its accounts receivable and a $15,000 opening balance in…

A: Allowance for Doubtful accounts is a contra asset account , It is subtracted from accounts…

Q: On March 4, Micro Sales makes $12,300 in sales on bank credit cards which charge a 1% service charge…

A: In the case of credit card sales, there can be 2 Instances: 1st Instance: Payment Received by the…

Q: On March 4, Micro Sales makes $3,900 in sales on bank credit cards that charge a 2% service charge…

A: Gross sales are for $3,900 but 2% less cash will be received after levying the service charge on…

Q: On January 1, Five Star Services has the following balances: Accounts Receivable $26,000 (debit) Bad…

A: Under direct write off method, accounts receivables are written off by debiting bad debt expenses…

Q: Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the…

A: A journal entry appears to be a method of tracking all of a company's individual financial…

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: Winsor Clothing Store had a balance in the Accounts Receivable account of $760,000 at the beginning…

A: Solution:- Given, Winsor Clothing Store had a balance in the Accounts Receivable account at…

Q: On March 4, Micro Sales makes $10,500 in sales on bank credit cards that charge a 2% service charge…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: A company's Cash account shows a balance of $3,410 at the end of the month. Comparing the company's…

A: Bank reconciliation statement is used to determine the differences between the bank statement…

Q: On December 1, the Accounts Receivable account had a $22.000 debit balance. During December the…

A: Ending Account receivable = Beginning account receivable + Revenue on account - Collection from…

Q: On March 4, Micro Sales makes $6,500 in sales on bank credit cards that charge a 2% service charge…

A: Date Account title and explanation Debit$ Credit$ 04-Mar Cash 6370     Credit…

Q: Sunset Tours has a $3,500 account receivable from the Del Mar Rotary. On January 20, the Rotary…

A: Journal: Recording of a business transactions in a chronological order.

Q: On January 1, Five Star Services has the following balances: Accounts Receivable $24,000 (debit) Bad…

A: Gross accounts receivables = Beginning accounts receivables  + credit sales = $24000 + 100000 =…

Q: The Dimitros Company records the following transactions during September 2018: Cash sales to…

A: Sales Revenue - Sales are recorded by company on cash and on credit basis. Cash collected is…

Q: On September 30, after all monthly postings had been completed, the Accounts Receivable control…

A: Beginning Balance of Accounts Receivable = $ 245,000 Beginning Balance of Accounts Payable = $…

Q: Sunland Clothing Store had a balance in the Accounts Receivable account of $500000 at the beginning…

A: Average Accounts receivable = (Beginning Accounts receivable + Ending Accounts receivable) / 2 =…

Q: Spencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for May and…

A: June collections= (25% of may collections)+ (75% of June collections) Where, 25% of May collections…

Q: Romalyn Beauty Products has the following items in its books: Current account - Patricia Bank…

A: Adjusted Undeposited collections =Undeposited collections - Customer check of February 5, 2021=P…

Q: On April 30, Holden Company had an Accounts Receivable balance of $18,000. During the month of May.…

A: Solution: Accounts Receivable are the balance of amount which is due to a company for the goods…

Q: According to a company's accounting records, the opening bank balance on 1 August was £17,000. The…

A: Journal entries recording is the initial step of accounting process, under which atleast one account…

Q: How do I put "Cash sales for the week were $2,800 plus tax. Bank credit card sales for the week were…

A: please like the answer your response matters    Cash 2,940     Sales   2,800…

Q: Historically, 60 percent of the customer bills at the Andrews’ Supper Club have been paid with cash…

A: Balance sheet means where all assets , liabilities and capital is shown. Accounting principles says…

Q: P Corporation reported $3,600 balance in the accounts receivable account on Jan 1. The company made…

A: Accounts receivable refers to the balance amount to the firm for goods and services delivered but…

Q: On July 31, Bristlecone Pine Art Ltd. had a $54,500 balance in Accounts Receivabl- and a $3,100…

A: The allowance for uncollectible accounts records the estimated bad expense for the period.

Q: On March 4, Micro Sales makes $10,500 in sales on bank credit cards that charge a 3% service charge…

A: Journal: It is the systematic record of a financial transaction recorded in a chronological order.

Q: iary calculations to two decimal places and your final answer to the nearest day.)   A. 54 days.

A: The right answer is c]option C. 46 days.

Q: Jasper Company had a beginning Accounts Receivable balance of $230,000. During the month, total…

A: Normal balance of accounts receivable is debit.

Q: trade receivables Total current receivables

A: Trade receivables are receivables in respect of trade due within one accounting year. Current…

Q: On May 22, Jarrett Company borrows $8,800, signing a 90-day, 8%, $8,800 note. What is the journal…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On November 1, Orpheum Company accepted a $12,000, 90-day, 10% note from a customer to replace an…

A: Notes receivable have been received in exchange for accounts receivable. Notes receivable (asset)…

Q: Information from the records of TEAM PAYAMAN Co. is shown below:                       Accounts…

A: The balance of trade receivable is arises from the credit sales to customer. In balance sheet the…

Q: On January 1, A Plus Services has the following balances:   Accounts Receivable $28,000 (debit)…

A: Accounts Receivables are those persons to whom business has made sales on account. They have to pay…

Q: On April 30, Holden Company had an Accounts Receivable balance of $18,00O. During the month of May.…

A: Accounts receivables are the dues that the company is entitled to receive from credit purchasers.…

Q: On May 1, Jensen's had a beginning cash balance of $284. April sales were $810 and May sales were…

A: A cash budget is an estimation of expected cash receipts and disbursements on the basis of past…

Q: Ön September 30, after all monthly postings had been completed, the Accounts Receivable control…

A: The control account's aim is to keep the general ledger safe and clean of information while still…

Q: Record the sale by Balus Company of  $125,000 in accounts receivable on May 1. Balus is charged a…

A: Processing fee = $125,000 * 2.5%  Processing fee = $3,125

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: KL Company’s sales are $1,000,000 and 80% of those sales are on credit. The beginning and ending…

A: Solution: Net Credit Sales = 80% of $1,000,000                             = 800,000 For calculating…

Q: On April 30, Gomez Services had an Accounts Receivable balance of $30,100. During the month of May,…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Information related to Pukalani Limited is presented below for its first month of operations. Credit…

A: The final balance = Credit balance - Debit balance The Final balance is calculated on January 31 .…

Q: John has opening balances on his trade receivables of £68,000 and an allowance for receivables of…

A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.

Q: Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the…

A: Basic Amounts that are are directly credit to the bank account will increase cash. Amounts that are…

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.