# Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price of \$15 per doll to Rosemary Cummings The cost to Darling Dolls is \$5 per doll. Prepare a journal entry under each of the following conditions. Assume Gentry charges a 3.5% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a Gentry credit card.

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### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

#### Solutions

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Section
FindFindarrow_forward

### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 9, Problem 3EB
Textbook Problem
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## Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price of \$15 per doll to Rosemary Cummings The cost to Darling Dolls is \$5 per doll. Prepare a journal entry under each of the following conditions. Assume Gentry charges a 3.5% fee for each sales transaction using its card.A. Payment is made using a credit, in-house account.B. Payment is made using a Gentry credit card.

To determine

Concept introduction:

Journal Entry: In journal Entry Company record all the business transactions which are in monetary form. Company records the transaction on debit and credit in journal entry which are always equal.

To prepare:

Journal entries.

### Explanation of Solution

A. Cards sold \$15 per deck and 110 decks sold in the market if amount 1650 (110×15). So bank account is debited by the 1650 because amount received through account and sales account is credited by 1650. In second entry company transfer the amount in the cost of goods sold from inventory so cost o...

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