Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually,.) (a) Crane Company accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Crane make? (b) Larkspur, Inc. sold its accounts receivable of $61,600. What entry should Larkspur make, given a service charge of 3% on the amount of receivables sold?

Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section: Chapter Questions
Problem 3AP
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Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
Crane Company accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Crane
make?
(b)
Larkspur, Inc. sold its accounts receivable of $61,600. What entry should Larkspur make, given a service charge of 3% on
the amount of receivables sold?
No. Account Titles and Explanation
Debit
Credit
(a)
(b)
一
OCT
PADES
22
átv
T
MacBook Air
....
Transcribed Image Text:View Policies Current Attempt in Progress Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Crane Company accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Crane make? (b) Larkspur, Inc. sold its accounts receivable of $61,600. What entry should Larkspur make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and Explanation Debit Credit (a) (b) 一 OCT PADES 22 átv T MacBook Air ....
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