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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275 Exercise 30
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system).
1. Sold $20,000 of merchandise, that cost $15,000, on MasterCard credit cards. The net cash receipts from sales are immediately deposited in the seller's bank account. MasterCard charges a 5% fee.
2. Sold $5,000 of merchandise, that cost $3,000, on an assortment of credit cards. Net cash receipts are received 5 days later, and a 4% fee is charged.
1. Sold $20,000 of merchandise, that cost $15,000, on MasterCard credit cards. The net cash receipts from sales are immediately deposited in the seller's bank account. MasterCard charges a 5% fee.
2. Sold $5,000 of merchandise, that cost $3,000, on an assortment of credit cards. Net cash receipts are received 5 days later, and a 4% fee is charged.
Explanation
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Credit Card Sales: Credit Card Sales ref...
Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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