1. Home Appliances allows customers to pay for merchandise with cash, debit cards, bank credit cards, or a Home Appliance Credit Card. The bank charges Home Appliances $1.00 for each debit card sale and a 4% fee for bank credit card sales. On September 25 a customer makes a $1,200 purchase from Home Appliances using her debit card. ructions: a. Prepare Home Appliances' journal entry to record this transaction. b. Assume instead the customer pays for her purchase using her Mastercard. Record the transaction. C. Assume instead the customer uses her Home Appliances store credit card. Record the transaction.
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- An unhappy customer just returned $50 of the items he purchased yesterday when he charged the goods to the companys store credit card. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalCatherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?Carla Vista's cash register tape showed sales of $59,000 on June 16 for charges to customers' MasterCards. The bank charges a service fee of 3%. Prepare the entry to record MasterCard credit card sales. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Jun. 16 Debit Credit
- Archer allows customers to use bank credit cards to charge purchases. The bank used by Archer processes all bank credit cards in exchange for a 3% processing fee. All credit card receipts deposited are credited to the company account on the day of deposit. Assume that on August 10, Archer sold and deposited $5,200 worth of bank credit card receipts. The cost of sales is $2,800. Record this transaction in the general journal.Credit Card Sales Jamie’s Fabrics accepts cash, personal checks, and two credit cards when customers buy merchandise. With the Great American Bank Card, Jamie’s Fabrics receives an immediate deposit in its checking account when credit card sales slips are deposited at the bank. The bank charges a three percent fee. With the United Merchants Card, Jamie’s Fabrics mails the credit card sales slips to United Merchants’ regional processing center each day. United Merchants accumulates these slips for two days and then mails a check to Jamie’s Fabrics, after deducting a three percent fee. Prepare journal entries to record the following: Round to the nearest dollar. a. Sales for March 15 were as follows: Cash and checks $950 Great American Bank Card (Deposited at the end of the day) 1,200 United Merchants Card (Mailed at the end of the day) 700 $2,850 b. Received a check for $1,900 from United Merchants on March 20. a. General Journal Date Description…Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,715 for merchandise purchased on June 4 for $1,750, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for $2,600. The company paid for invoice #1027, dated June 1, in the amount of $2,600, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $62. The Utility Expense account number is #450. Record receipt of the refund. If an amount box does not require an entry, leave it blank. CASH RECEIPTS JOURNAL Page: 24 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, orotheraccounts CR 2019 Jun. 12 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 Jun. 15…
- If Abby INC sells items to a customer who uses a credit card for $1100 and there is a credit card fee of 1.5% Abby will record an : ______ Round your final answer to the nearest dollar A. DEBIT TO ACCOUNT RECIEABLE FOR $1083 B. Credit to sales revenue for $1083 C. debit to sales expense for $17 D. Debit to credit card discount expense for $17Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,323 for merchandise purchased on June 4 for $1,350, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for $2,900. The company paid for invoice #1027, dated June 1, in the amount of $2,900, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $52. The Utility Expense account number is #450. Record receipt of the refund. If an amount box does not require an entry, leave it blank.On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 Account Name Debit Credit Cash 4,000 Sales Discounts 40 Accounts Receivable 3,960 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000
- On June 7, Pixer Co. sells $1,500 of merchandise to Jasmine Co. on account. Jasmine Co. pays for this merchandise on June 21. Prepare the entry on Pixer’s books to record the sale. Prepare the entry on Pixer’s books to record the receipt of payment. a. General Journal Date Description Debit Credit June 7 AnswerAccounts ReceivableCashSales Answer Answer AnswerAccounts ReceivableCashSales Answer Answer To record sales of merchandise. b. General Journal Date Description Debit Credit June 21 AnswerAccounts ReceivableCashSales Answer Answer AnswerAccounts ReceivableCashSales Answer Answer To record receipt of cash from customer.Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,225 for merchandise purchased on June 4 for $1,250, invoice number #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for $2500. The company paid for invoice #1027, dated June 1, in the amount of $2,500, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $72. The Utility Expense account number is #450. Record receipt of the refund.Directions: Record checks, a check card payment, an ATM transaction and a deposit in the checkbook register below. Include the date, description, and amount of each entry. Calculate the balance. 1. May 26: write beginning balance of $527.96. 2. May 27: write check #107 to Mrs. Wilson. You pay your landlord your share of the rent payment: $225.00. May 28: make a check card payment to Foodland. You pay $22.52 for groceries. 3. 4. June 1: write check #108 to Bank of Illinois. You make a car payment of $165.23. 5. June 2: write check #109 to Interstate Phone Service for $62.77. 6. June 2: use your ATM card to withdraw $20.00. 7. June 15: you deposit your paycheck for $425.00. Write this amount in the DEPOSIT column.