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Gas stations do a large volume of business by customer credit cards and debit cards Suppose...
Gas stations do a large volume of business by customer credit cards and debit cards Suppose an Element Gas station had these transactions on July 17 $ 34,000 MasterCard credit card sales Non bank credit card sales Debit card sales 5,000 30.000 Suppose MasterCard charges merchants 3 25 percent, non bank credit card companies change 45 percent, and there is a 2 25 percent charge for debit card transactions Record these sale transactions for the Element Gas station Record the...
Gas stations do a large volume of business by customer credit cards and debit cards. Suppose...
Gas stations do a large volume of business by customer credit cards and debit cards. Suppose an Arctic Gas station had these transactions on July 17 s 24.000 MasterCard credit card sales Non bank credit card sales Debit card sales 5,000 16,000 Suppose MasterCard charges merchants 4.5 percent, non bank credit card companies change 4.75 percent, and there is a 3.5 percent charge for debit card transactions Record these sale transactions for the Arctic Gas station Record the MasterCard credit...
Gas stations do a large volume of business by customer credit cards and debit cards. Suppose...
Gas stations do a large volume of business by customer credit cards and debit cards. Suppose an Arctic Gas station had these transactions on July 17 $ 24.000 MasterCard credit card sales Non bank credit card sales Debit card sales 5,000 16,000 Suppose MasterCard charges merchants 45 percent, non-bank credit card companies change 4.75 percent, and there is a 35 percent charge for debit card transactions Record these sale transactions for the Arctic Gas station Record the MasterCard credit sales...
Gas stations do a large volume of business by customer credit cards and debit cards. Suppose...
Gas stations do a large volume of business by customer credit cards and debit cards. Suppose an Esso station had these transactions on July 17 $26.000 MasterCard credit card sales Non bank credit card salos Debit card sales 13,000 16,000 Suppose MasterCard charges merchants 4 25 percent, non bank credit card companies change 5 25 percent, and there is a 3 25 percent charge for debit card transactions Record these sale transactions for the Esso station Record the MasterCard credit...
GENERAL JOURNAL 1 Page Number Date Description PR Debit Credit GENERAL JOURNAL 2 Page Number Date...
GENERAL JOURNAL 1
Page Number
Date
Description
PR
Debit
Credit
GENERAL JOURNAL 2
Page Number
Date
Description
PR
Debit
Credit
General Ledger
Account
Title:
#_________
Date
Item
PR
Transaction
Balance
balance
Debit
Credit
Debit
Credit
-
14 different tables for the general ledger.
Accounts Receivable Subsidiary Ledger
Name:
#________
Address:
City,
State..
Date
Item
PR
Transaction
Balance
Debit
Credit
Debit
Credit
6 different tables for the accounts receivable subsidiary
ledger
Company Name
Schedule of Accounts
Date
Account...
Levine Company uses the perpetual inventory system and allows customers to use two credit cards in...
Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card. Continental assesses a 25% charge on sales for using its card. Apr. 8 Sold merchandise for $7,500 (that had cost $5,543) and accepted the customer's Suntrust Bank Card. 12 Sold merchandise for $4,600 (that had cost...
Archer Co. allows select customers to make purchases on credit. Its other customers can use either...
Archer Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Commerce Bank or Aztec. Commerce Bank deducts a 3% service charge for sales on its credit card and immediately credits the bank account of Archer when credit card receipts are deposited. Archer deposits the Commerce Bank credit card receipts each business day. When customers use the Aztec card, Archer accumulates the receipts for several days and then submits them to...
Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $8,800 (that had cost...
Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $8,800 (that had cost $6,503) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $8,600 (that had cost $5,573) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.)
exercise 9-2 and 9-3 please Exercise 9-2 Accounting for credit card sales Levine Company uses the...
exercise 9-2 and 9-3 please
Exercise 9-2 Accounting for credit card sales Levine Company uses the perpetual inventory system. Prepare journal entries to record the following: credit card transactions of Levinc Company. Apr. 8 Sold merchandise for $8.400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Exercise 9-3 Sales on store credit...
Levine Company uses the perpetual inventory system and allows customers to use two credit cards in...
Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, Levine receives an immediate credit to its account when it deposits sales receipts. Suntrust assesses a 4% service charge for credit card sales. The second credit card that Levin accepts is Continental Card. Levin sends its accumulated receipts to Continental on a weekly basis and is paid by Continental a week later. Continental assesses a 2.5% charge...
Gas stations do a large volume of business by customer credit cards and debit cards Suppose an Element Gas station had these transactions on July 17 $ 34,000 MasterCard credit card sales Non bank credit card sales Debit card sales 5,000 30.000 Suppose MasterCard charges merchants 3 25 percent, non bank credit card companies change 45 percent, and there is a 2 25 percent charge for debit card transactions Record these sale transactions for the Element Gas station Record the...
Gas stations do a large volume of business by customer credit cards and debit cards. Suppose an Arctic Gas station had these transactions on July 17 s 24.000 MasterCard credit card sales Non bank credit card sales Debit card sales 5,000 16,000 Suppose MasterCard charges merchants 4.5 percent, non bank credit card companies change 4.75 percent, and there is a 3.5 percent charge for debit card transactions Record these sale transactions for the Arctic Gas station Record the MasterCard credit...
Gas stations do a large volume of business by customer credit cards and debit cards. Suppose an Arctic Gas station had these transactions on July 17 $ 24.000 MasterCard credit card sales Non bank credit card sales Debit card sales 5,000 16,000 Suppose MasterCard charges merchants 45 percent, non-bank credit card companies change 4.75 percent, and there is a 35 percent charge for debit card transactions Record these sale transactions for the Arctic Gas station Record the MasterCard credit sales...
Gas stations do a large volume of business by customer credit cards and debit cards. Suppose an Esso station had these transactions on July 17 $26.000 MasterCard credit card sales Non bank credit card salos Debit card sales 13,000 16,000 Suppose MasterCard charges merchants 4 25 percent, non bank credit card companies change 5 25 percent, and there is a 3 25 percent charge for debit card transactions Record these sale transactions for the Esso station Record the MasterCard credit...
GENERAL JOURNAL 1
Page Number
Date
Description
PR
Debit
Credit
GENERAL JOURNAL 2
Page Number
Date
Description
PR
Debit
Credit
General Ledger
Account
Title:
#_________
Date
Item
PR
Transaction
Balance
balance
Debit
Credit
Debit
Credit
-
14 different tables for the general ledger.
Accounts Receivable Subsidiary Ledger
Name:
#________
Address:
City,
State..
Date
Item
PR
Transaction
Balance
Debit
Credit
Debit
Credit
6 different tables for the accounts receivable subsidiary
ledger
Company Name
Schedule of Accounts
Date
Account...
Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card. Continental assesses a 25% charge on sales for using its card. Apr. 8 Sold merchandise for $7,500 (that had cost $5,543) and accepted the customer's Suntrust Bank Card. 12 Sold merchandise for $4,600 (that had cost...
Archer Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Commerce Bank or Aztec. Commerce Bank deducts a 3% service charge for sales on its credit card and immediately credits the bank account of Archer when credit card receipts are deposited. Archer deposits the Commerce Bank credit card receipts each business day. When customers use the Aztec card, Archer accumulates the receipts for several days and then submits them to...
exercise 9-2 and 9-3 please
Exercise 9-2 Accounting for credit card sales Levine Company uses the perpetual inventory system. Prepare journal entries to record the following: credit card transactions of Levinc Company. Apr. 8 Sold merchandise for $8.400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Exercise 9-3 Sales on store credit...
Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, Levine receives an immediate credit to its account when it deposits sales receipts. Suntrust assesses a 4% service charge for credit card sales. The second credit card that Levin accepts is Continental Card. Levin sends its accumulated receipts to Continental on a weekly basis and is paid by Continental a week later. Continental assesses a 2.5% charge...
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