Problem 1: Prepare journal entries for the following transactions from Angled Pictures. Customer LeShaun Rogers purchased 167 picture frames at a sales price of $28 per frame with her American credit card. The cost to Angled Pictures for the sale is $19 per frame. American credit card charges Angled Pictures a fee of 3% of the sale. American remits payment to Angled Pictures, less any fees. Jun. 21 Jun. 30 Solution Jun. 21 To record sale of picture frames, 3% credit card fee, Jun. 21 To record cost of sale Jun. 30 To record cash payment, less credit card fee

Problem 1: Prepare journal entries for the following transactions from Angled Pictures. Customer LeShaun Rogers purchased 167 picture frames at a sales price of $28 per frame with her American credit card. The cost to Angled Pictures for the sale is $19 per frame. American credit card charges Angled Pictures a fee of 3% of the sale. American remits payment to Angled Pictures, less any fees. Jun. 21 Jun. 30 Solution Jun. 21 To record sale of picture frames, 3% credit card fee, Jun. 21 To record cost of sale Jun. 30 To record cash payment, less credit card fee

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 2PB: Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50...

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