ss DateAccount Titles and ExplanationDebitCredit117 Wildhorse Pet Supply Company has the following accounts in its general ledger at July 31: Accounts Receivable $44,000 andAllowance for Doubtful Accounts $2,900. During August, the following transactions occurred.Oct. 1525Sold $31,000 of accounts receivable to Fast Factors, Inc. who assesses a 4% finance charge.Made sales of $900 on Visa credit cards. The credit card service charge is 2%.Journalize the transactions. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered...Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O forthe amounts.)

General journal: It is the initial step to record all the transactions in a general journal before…

Answered: Wildhorse Pet Supply Company has the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....

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Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
Kaseys Cake Shop made 20,000 in sales of wedding cakes in July. All of these sales were on bank credit cards. The credit card company charges a 3.5% collection fee. Prepare Kaseys journal entry to record the credit card sales.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.
Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of $7 per deck to Padma Singh. The cost to Fun Cards is $4 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 2% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card.
On March 4, Micro Sales makes $10,500 in sales on bank credit cards that charge a 2% service charge and deposits the funds into Micro Sales' bank accounts at the end of the business day. Required: Journalize the sales and recognition of expense as a single journal entry. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.
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.
Current Attempt in Progress Crane Company has the following accounts in its general ledger at July 31: Accounts Receivable $32,800 and Allowance for Doubtful Accounts $2,050. During October, the following transactions occurred. Oct. 15 Sold $13,100 of accounts receivable to Nelson Factors, Inc. who assesses a 4% finance charge. 25 Made sales of $800 on VISA credit cards. The credit card service charge is 3%. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
On March 4, Micro Sales makes $10,500 in sales on bank credit cards that charge a 3% service charge and deposits the funds into Micro Sales' bank accounts at the end of the business day. Journalize the sales and recognition of expense as a single journal entry. If an amount box does not require an entry, leave it blank. Mar. 4
Sheridan Company has the following accounts in its general ledger at July 31: Accounts Receivable $45,600 and Allowance for Doubtful Accounts $2,850. During October, the following transactions occurred. Oct. 15 Sold $17,900 of accounts receivable to Nelson Factors, Inc. who assesses a 4% finance charge. 25 Made sales of $1,100 on VISA credit cards. The credit card service charge is 3%. 1. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
Jervis accepts all major bank credit cards, including those Issued by Northern Bank (NB), which assesses a 3.0% charge on sales for using its card. On June 28, Jervis had $4,500 in NB Card credit sales. What entry should Jervis make on June 28 to record the deposit? Multiple Choice O Debit Accounts Receivable $4,500; credit Sales $4,500 Debit Cash $4,635.00; credit Credit Card Expense $135.00; credit Sales $4,500 Debit Accounts Receivable $4,365.00; debit Credit Card Expense $135.00; credit Sales $4,500 Debit Cash $4,500; credit Sales $4,500 ว Debit Cash $4,365.00; debit Credit Card Expense $135.00; credit Sales $4,500

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