Wainwright Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred.
Jan. 15 Made Wainwright credit card sales totaling $24,000. (There were no balances prior to January 15.)
20 Made Visa credit card sales (service charge fee 2%) totaling $7,000.
Feb. 10 Collected $14,000 on Wainwright credit card sales.
15 Added finance charges of 1% to Wainwright credit card balance.
Instructions
(a) Journalize the transactions for Wainwright Stores.
(b) Indicate the statement presentation of the financing charges and the credit card service charge expense for Wainwright Stores.

Question

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The Answer of Wainwright Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred.
Jan. 15 Made Wainwright credit card sales totaling $24,000. (There were no balances prior to January 15.)
20 Made Visa credit card sales (service charge fee 2%) totaling $7,000.
Feb. 10 Collected $14,000 on Wainwright credit card sales.
15 Added finance charges of 1% to Wainwright credit card balance.
Instructions
(a) Journalize the transactions for Wainwright Stores.
(b) Indicate the statement presentation of the financing charges and the credit card service charge expense for Wainwright Stores.

Wainwright Stores Accepts Both Its Own and National Credit Cards