Carla Vista Garage Co. accepts the following forms of payment: Visa, MasterCard, the Carla Vista Garage Co. credit card, and debit. Carla Vista is charged 3.50% for all bank credit card transactions and $0.50 per transaction for all debit card transactions. Carla Vista charges 14.25% interest on balances owing on the Carla Vista Garage Co. credit card. In October and November 2021, the following summary transactions occurred (note: there is no right of return for the sale of services; therefore, a refund liability entry is not necessary in this question): Oct. 15 20 30 31 Nov. 15 Performed services totalling $17,900 for customers who used the Carla Vista Garage Co. credit card for payment. Performed services totalling $7,800 to customers who used Visa credit cards. Performed services totalling $2,100 on account, terms, n/30. Performed services totalling $5,300 for customers who used debit cards (100 transactions). Collected amounts owing from October 15 transactions. Record the above transactions for Carla Vista Garage Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 2,275. Record journal entries in the order presented in the problem.) to 0 decimal places, eg. 2,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
Carla Vista Garage Co. accepts the following forms of payment: Visa, MasterCard, the Carla Vista Garage Co. credit card, and debit. Carla Vista is charged 3.50% for all bank credit card transactions and $0.50 per transaction for all debit card transactions. Carla Vista charges 14.25% interest on balances owing on the Carla Vista Garage Co. credit card. In October and November 2021, the following summary transactions occurred (note: there is no right of return for the sale of services; therefore, a refund liability entry is not necessary in this question): Oct. 15 20 30 31 Nov. 15 Performed services totalling $17,900 for customers who used the Carla Vista Garage Co. credit card for payment. Performed services totalling $7,800 to customers who used Visa credit cards. Performed services totalling $2,100 on account, terms, n/30. Performed services totalling $5,300 for customers who used debit cards (100 transactions). Collected amounts owing from October 15 transactions. Record the above transactions for Carla Vista Garage Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 2,275. Record journal entries in the order presented in the problem.) to 0 decimal places, eg. 2,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...
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Question
Transcribed Image Text:Carla Vista Garage Co. accepts the following forms of payment: Visa, MasterCard, the Carla Vista Garage Co. credit card, and debit.
Carla Vista is charged 3.50% for all bank credit card transactions and $0.50 per transaction for all debit card transactions. Carla Vista
charges 14.25% interest on balances owing on the Carla Vista Garage Co. credit card. In October and November 2021, the following
summary transactions occurred (note: there is no right of return for the sale of services; therefore, a refund liability entry is not
necessary in this question):
Oct. 15
20
30
31
Nov. 15
Record the above transactions for Carla Vista Garage Co. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers
to 0 decimal places, e.g. 2,275. Record journal entries in the order presented in the problem.)
to 0 decimal places, eg. 2,275. Record journal entries in the order presented in the problem.)
Date
Performed services totalling $17,900 for customers who used the Carla Vista Garage Co. credit card for payment.
Performed services totalling $7,800 to customers who used Visa credit cards.
Performed services totalling $2,100 on account, terms, n/30.
Performed services totalling $5,300 for customers who used debit cards (100 transactions).
Collected amounts owing from October 15 transactions.
Oct. 20
Account Titles and Explanation
(To record service revenue
using credit card.)
(To record service revenue
using credit card.)
CARLA VISTA GARAGE CO.
Income Statement
Debit
$
Credit
In addition to these transactions, Carla Vista had rent expense of $4,100, supplies expense of $560, and salary expense of $5,700
for the months of October and November. Prepare a single-step income statement for Carla Vista Garage Co. for the two months
ended November 30. (Round answers to 0 decimal places, e.g. 2,275.)
III
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