Please provide answer in text (Without image), every entry should have narration please 5. A retail business, Marathon Running Equipment summarized its monthly transactions below.Record the journal entries for these transactions.Sep. 1 Recorded National Express credit card sales of $96,000, net of processor feeof 1%. Ignore Cost of Goods Sold.15 Recorded Value Max credit card sales of $80,000. Processor charges a1.5% fee. ValueMax charges the fee at the end of the month; therefore,Marathon uses the gross method for these credit card sales. Ignore Cost ofGoods Sold.30 ValueMax collected the fees for the month of September. Assume theSeptember 15 transaction is the only ValueMax credit card sale.DEBITACCOUNTDATECREDIT

Journal Entry is the primary step in recording the transactions in the books of accounts.The…

5. A retail business, Marathon Running Equipment summarized its monthly transactions below. Record the journal entries for these transactions. Sep. 1 15 Recorded National Express credit card sales of $96,000, net of processor fee of 1%. Ignore Cost of Goods Sold. Recorded Value Max credit card sales of $80,000. Processor charges a 1.5% fee. ValueMax charges the fee at the end of the month; therefore, Marathon uses the gross method for these credit card sales. Ignore Cost of Goods Sold. 30 ValueMax collected the fees for the month of September. Assume the September 15 transaction is the only ValueMax credit card sale. ACCOUNT DEBIT DATE CREDIT

5. A retail business, Marathon Running Equipment summarized its monthly transactions below. Record the journal entries for these transactions. Sep. 1 15 Recorded National Express credit card sales of $96,000, net of processor fee of 1%. Ignore Cost of Goods Sold. Recorded Value Max credit card sales of $80,000. Processor charges a 1.5% fee. ValueMax charges the fee at the end of the month; therefore, Marathon uses the gross method for these credit card sales. Ignore Cost of Goods Sold. 30 ValueMax collected the fees for the month of September. Assume the September 15 transaction is the only ValueMax credit card sale. ACCOUNT DEBIT DATE CREDIT

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 3EA: Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of...

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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.
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
A small retailer allows customers to use two different credit cards in charging purchases. The CC Bank Card assesses a 4.6% service charge for credit card sales. The VIZA Card assesses a 3.8% charge on sales for using its card. This retailer also has its own store credit card. As of Feb 28 month-end, the retailer earned $65 in net interest revenue on its own card. Prepare journal entries to record the following selected credit card transactions. Feb. 2 Sold merchandise for $3,000 (that had cost $1800) and accepted the customer’s CC Bank Card. Feb. 6 Sold merchandise for $2200 (that had cost $1500) and accepted the customer’s VIZA Card. Feb 28 Recognized the $65 interest revenue earned on its store credit card for January.
Consider the following transaction: On March 6, Fun Cards sells 590 card decks with a sales price of $10 per deck to Padma Singh. The cost to Fun Cards is $3 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 3% fee for each sales transaction using its card. А. Payment is made using a credit, in-house асcount. В. Payment is made using a MoneyPlus credit card. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. 88 A. Mar. 6 To record sale of card decks Mar. 6 To record cost of sale B. Mar. 6 To record sale of card decks, 3% credit card fee 88 Mar. 6 To record cost of sale II II 1II I0
Record the following selected transactions in the general journal of Lee’s TV & Electronics Repair. Assume that the company uses a periodic inventory system, Scotiabank charges merchants $0.50 per debit card transaction, PayPal charges 1% of sales as service fees and MasterCard charges 4% of sales as service fees. Mar. 4 Recorded Scotiabank debit card sales of $12,000, consisting of 150 transactions. 10 Recorded MasterCard credit card sales of $10,000. 15 Credit sales of $14,600 were recorded, 2/10, n/30. Apr. 1 AeroPlan card was accepted for $3,100 of payments. This card requires that receipts are submitted for payment manually. A 2% fee applies. May 8 PayPal sales of $35,000 was received. 18 Wrote off $700 of accounts receivables. 31 Bad debts were estimated to be 2% of the $750,000 accounts receivable balance. There was a $900 credit balance in the allowance for doubtful accounts.
Target Shoppers Inc. reported cash sales of $28,800 for the month of June. Sales taxes payable are recorded at the point of sale. a. Assume that sales are subject to a 6% sales tax. Record the sales entry.b. Now assume that the cash collected on sales includes the 6% sales tax. Record the sales entry. ● Note: Round your answers to the nearest whole dollar. Account Name Dr. Cr. a. To record the sale entry. b. To record the sale entry.
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.)
The following transactions were selected from among those completed by Hailey Retailers in the current year: Nov. 20 Sold two items of merchandise to Customer B, who charged the $600 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. 25 Sold 14 items of merchandise to Customer C at an invoice price of $3,600 (total); terms 2/10, n/30. 28 Sold 12 identical items of merchandise to Customer D at an invoice price of $7,800 (total); terms 2/10, n/30. 30 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Dec. 06 Customer D paid the account balance in full. 30 Customer C paid in full for the invoice of November 25. Required: 1. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. 2. Compute Net Sales. I just need help with the journal entry on Dec. 06 and also computing the net sales.
The table below shows a summary of Maya's credit card statement for the month of February. Transaction types Amount Unpaid balance from January (Beginning balance on February 1) $1104.17 Purchases made during the month of February $183.45 Payments made during the month of February $369.40 Complete the parts below. Write your answer to the nearest cent. (a) Suppose the credit card company charges 1.29% monthly interest on the unpaid balance from January. How much interest will this be? %24 What will Maya's unpaid balance be on her March 1 statement? (Assume that this balance (b) will include the interest from part (a), but will not include any interest on her February balance yet.) 2$
Spencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for May and June of $245,000 and $280,000, respectively. Analysis of Spencer's operations indicates that the pattern of customers' payments on account is as follows (percentages are of total monthly credit sales): Receiving Discount Beyond Discount Period Totals In month of sale 50% 20% 70% In month of following sale 15% 10% 25% Uncollectible accounts, returns, and allowances 5% 100% Determine the estimated cash collected on customers' accounts in June. $Answer
Spencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for May and June of $56,000 and $64,000, respectively. Analysis of Spencer's operations indicates that the pattern of customers' payments on account is as follows (percentages are of total monthly credit sales): Receiving Discount Beyond Discount Period Totals In month of sale In month of following sale 50% 20% 70% 15% 10% 25% Uncollectible accounts, returns, and allowances 5% 100% Determine the estimated cash collected on customers' accounts in June.
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.