AI Kamil Hypermarket accepted a Bank Muscat credit card for a RO 7,500 purchase. Bank Muscat charges a 4% fee. Al Kamil Hypermarket should record Service Charge Expense as a: Select one: O a Debit of RO 7,500 O b. None of the answers are correct O c Credit of RO 7,200 O d. Credit of RO 300 O e. Debit of RO 300
Q: Kitchen Equipment Company uses the allowance method to account for uncollectibles. On October 31, it…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Present the journal entries specified below. Wildhorse Company sells $168,000 of accounts receivable…
A: Sno. Account Titles and Explanation Debit Credit (A) Cash ($ 168,000 X 97.5%) $ 163,800…
Q: AI Kamil Hypermarket accepted a Bank Muscat credit card for a RO 7,500 purchase. Bank Muscat charges…
A: Date Account Titles and Explanation Debit Credit Cash RO 7,200 Service…
Q: Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an…
A: Part 1: Journal entry for the bad debt as follows:
Q: was de rite-off assuming the company uses the allowance method? ag pine Multiple Choice Debit…
A: Bad debts: Bad debt is the amount owed to the business that is written off because it has become…
Q: Presented below are two independent situations. (a) On March 3, Kitselman Appliances sells…
A: Factoring indicates to a transaction in which the corporation sold its receivable dues to the third…
Q: 2 Your answer is partially correct. Try again. Presented below are two independent transactions.…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: discount. The invoice was settled by cheque five days later. Which one of the following gives the…
A: Before getting into the journal entries, it is important to understand a few terms first: When a…
Q: Vail Ski Shop received a $1,221 invoice dated July 28 with 2/10, 1/15, n/60 terms. On August 11,…
A: a. Credit = Amount paid / (1 - discount rate) = $505 / (1 - 0.01) = $510.10
Q: Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, Gideon…
A: Note: Under the direct write-off method, bad debts expense are recorded when the company is sure…
Q: Consider these transactions: (Credit account titles are automatically indented when amount is…
A: In the above journal entry, cash and service charges is being debited. The reason being, cash is…
Q: Jalan Tire Co. has net credit sales of RO 500,000 and estimates that uncollectible accounts will be…
A: Bad debts expense = Estimated uncollectible accounts receivable - Beginning balance in Allowance for…
Q: Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the…
A: Lets understand the basics. In allowance method, allowance for bad debt is created as and when…
Q: andise for $6,000 and accepted the customer's Continental Card. I charges a 2.5% fee. mits before…
A: Credit card expenses on 8th April = $4,700*8% =$188 Credit card expenses on 12th April = $3,000*2.5%…
Q: Stacy's Dress Shop received a $1,240 invoice dated July 27 with 5/10, 4/15, n/60 terms. On August…
A: Concept Credit term 5/10, 4/15, n/60: It means that if the payment is made within 10 days from the…
Q: Al Ahlya Company wrote a RO2,500, three-months, 8% promissory note dated August 1, to remove credit…
A: When a business makes credit sales to its customers, then amount due from customer is known as…
Q: Jalan Tire Co. has net credit sales of RO 500,000 and estimates that uncollectible accounts will be…
A: 1. Bad debts expense = estimated uncollectible accounts receivable - Beginning balance in Allowance…
Q: Sheffield Bikes Ltd. reports cash sales of $4,300 on October 1. (a) Record the sales assuming they…
A: Journal: Recording of a business transactions in a chronological order.
Q: Larry Kordoski owns a clothing store that has a $31,000 balance in Accounts Receivable and a $1,600…
A: Net realizable value of the accounts receivable = Balance in Accounts Receivable - balance in…
Q: Consider these transactions: (Credit account titles are automatically indented when amount is…
A: a. In the given journal entry, cash and service charges is being debited. The reason being, cash is…
Q: Jalan Tire Co. has net credit sales of RO 500,000 and estimates that uncollectible accounts will be…
A: as per answering guidelines, only first question is supposed to be answered. However, i answered…
Q: Al Kamil Hypermarket accepted a Bank Muscat credit card for a RO 7,500 purchase. Bank Muscat charges…
A: As per answering guidelines , only first question supposed to be answered. Request you post…
Q: Ball Company sells merchandise on account for $1,500 to Edds Company with credit terms of 2/10,…
A: Merchandising businesses: Merchandising companies which buy goods from suppliers, or manufacturers,…
Q: William's Watches sold goods to Colin's Clocks for $1,760 including GST. Colin's Clocks paid their…
A: Introduction:- The following basic information as follows under:- Journal entry is the first step…
Q: Here is a bill from a credit card company that a credit card user received: May 1: Unpaid Balance =…
A: Total Amount Due = Beginning Balance + Purchases made - Payments received + Finance charges (If any)
Q: Sheridan Company has the following accounts in its general ledger at July 31: Accounts Receivable…
A: Increase in assets should be debited and decrease in assets should be credited. Increase in expenses…
Q: Consider these transactions: (Credit account titles are automatically indented when amount is…
A: Cash is an asset. Increase in cash should be debited and decrease in cash should be credited.…
Q: The entry to record the receipt of payment within the discount period on a sale of $2400 with terms…
A: Credit terms of 2/8, n/30 indicates the The company will receive a 2% sales discount if the payment…
Q: Consider these transactions. (Credit account titles are automatically indented when amount is…
A: A Journal is made to record all the business transactions in chronological order. It is the first…
Q: On March 31, 2021, Jana Company sold $50,000 merchandise to one of her customers using a credit…
A: Here we assume this is not immediate payment from credit card bankers. Journal entry for credit…
Q: Carfox Auto Parts allows customers to pay for merchandise with cash, debit cards, bank credit cards,…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Consider these transactions: (Credit account titles are automatically indented when amount is…
A: Accounts receivable refers to the amounts to be received within a short period from customers upon…
Q: The Company allows customers to pay with credit cards. The credit card company charges the Company…
A: Cash received = Sales - Credit card charges where, Credit card charges = Sales x Credit card charges…
Q: On May 10, Oriole Company sold merchandise for $12.200 and accepted the customer's America Bank…
A: Merchandise goods refer to the goods which the firm deals in daily course of business. Purchase or…
Q: Jalan Tire Co. has net credit sales of RO 500,000 and estimates that uncollectible accounts will be…
A: Uncollectibles account is the account containing the amount not collectible from the debtors.
Q: InvisiGuard Ltd sells security doors. Majority of its sales are on credit except small amount of…
A: Allowance for doubtful debt is the estimate of how much of trade receivable balance as on date will…
Q: Accounts Receivable-Red, debit P10,000; Sales, credit P10,000 following entries does Black make to…
A: FOB shipping point means seller is responsible for the goods till the goods is ready to be shipped.…
Q: On July 4, Kingbird Restaurant accepts a Visa card for a $200 dinner bill. Visa charges a 4% service…
A: The process by which financial transactions of the business are recorded and communicated with the…
Q: Riverbed Retailers accepted $ 31500 of Silver Bank MasterCard credit card charges for merchandise…
A: Here in this question, we are required to determine which heads are needs to debt for recording…
Q: Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton…
A: The required journal entry is:
Q: Consider these transactions: (Credit account titles are automatically indented when amount is…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: AI Kamil Hypermarket accepted a Bank Muscat credit card for a RO 7,500 purchase. Bank Muscat charges…
A: Date Account Titles and Explanation Debit Credit Cash RO 7,200 Service…
Q: The trader Nizwa Grand mall purchased goods from the trader of Muscat Grade mall OMR 22500. Which of…
A: Purchase = OMR 22500 Credit terms = 1/10, n/30
Q: Indicate the tramsaction price for this situation and when revenue will be recognized Groupo sells…
A: Revenue recognition When the payment for goods sold are due upon delivery, the transaction price…
Q: Al Kamil Hypermarket accepted a Bank Muscat credit card for a RO 7,500 purchase. Bank Muscat charges…
A: Date Account Titles and Explanation Debit Credit Cash RO 7,200 Credit…
No. |
Account Titles and Explanation |
Debit |
Credit |
|
Cash |
RO 7,200 |
|
|
Service charge expense (RO 7,500*5%) |
|
RO 300 |
|
Sales revenue |
|
RO 7,500 |
Step by step
Solved in 2 steps
- AI Kamil Hypermarket accepted a Bank Muscat credit card for a RO 7,500 purchase. Bank Muscat charges a 4% fee. Al Kamil Hypermarket should record Service Charge Expense as a Select one: O a Debit of RO 7,500 O b. None of the answers are correct O c Credit of RO7,200 O d. Credit of RO 300 O e. Debit of RO 300AI Kamil Hypermarket accepted a Bank Muscat credit card for a RO 7,500 purchase. Bank Muscat charges a 4% fee. Al Kamil Hypermarket should record Cash as a: Select one: O a Debit of RO 300 O b. Debit of RO 7,500 O c Debit of RO 7,200 O d. None of the answers are correct O e. Credit of RO 7,200If 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 $17
- 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 ....Consider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) (a) (b) Cullumber Restaurant accepted a Visa card in payment of a $400 lunch bill. The bank charges a 2% fee. What entry should Cullumber make? Marin Company sold its accounts receivable of $64,300. What entry should Marin make, given a service charge of 2% on the amount of receivables sold? No. Account Titles and Explanation (a) (b) Debit CreditConsider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Blossom Company accepted a Visa card in payment of a $300 lunch bill. The bank charges a 3% fee. What entry should Blossom make? (b) Kingbird, Inc. sold its accounts receivable of $67,100. What entry should Kingbird make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and Explanation Debit Credit (a) enter an account title to record transaction A enter a debit amount enter a credit amount enter an account title to record transaction A enter a debit amount enter a credit amount enter an account title to record transaction A enter a debit amount enter a credit amount (b) enter an account title to record transaction B enter a debit amount enter a credit amount enter an account title to record transaction B enter a debit amount enter a credit amount enter an account title to record transaction B enter a…
- Help Save & Exit Submit TB MC Qu. 07-148 (Algo) MacKenzie Company sold... Mackenzie Company sold $560 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 2.0% fee for sales on its credit cards. The journal entry to record this sales transaction would be: Multiple Choice Debit Cash of $560 and credit Sales $560. Debit Cash of $560 and credit Accounts Receivable $560. Debit Accounts Receivable $560 and credit Sales $560. Debit Cash $548.80; debit Credit Card Expense $11.20 and credit Sales $560. < Prev 15 of 20 Next 15 tv MacBook Air DII DD F2 F3 F4 F5 F7 F8 F9 #3 24 & * 3 6. 7 8 W R YConsider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) (a) (b) Carla Vista Restaurant accepted a Visa card in payment of a $250 lunch bill. The bank charges a 2% fee. What entry should Carla Vista make? Tamarisk Company sold its accounts receivable of $67,100. What entry should Tamarisk make, given a service charge of 2% on the amount of receivables sold? No. Account Titles and Explanation (a) (b) Debit CreditConsider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when 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) (a) (b) Sandhill Restaurant accepted a Visa card in payment of a $150 lunch bill. The bank charges a 4% fee. What entry should Sandhill make? (b) Teal Mountain Company sold its accounts receivable of $68,000. What entry should Teal Mountain make, given a service charge of 4% on the amount of receivables sold? No. Account Titles and Explanation (a) Debit 0000 Credit SURRO
- Consider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) (a) Sunland Restaurant accepted a Visa card in payment of a $300 lunch bill. The bank charges a 2% fee. What entry should Sunland make? (b) Splish Brothers Company sold its accounts receivable of $60,400. What entry should Splish Brothers make, given a service charge of 2% on the amount of receivables sold? No. Account Titles and Explanation (a) (b) Textbook and Media Debit Credit(b) On May 10, Oriole Company sold merchandise for $12,200 and accepted the customer's America Bank MasterCard. America Bank charges a 4% service charge for credit card sales. Prepare the entry on Oriole Company's books to record the sale of merchandise. (Credit account titles are automatically indented when 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.) Date Account Titles Debit Credit May 10Consider these transactions: (Credit account titles are automatically indented when 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.) (a) Blue Spruce Restaurant accepted a Visa card in payment of a $125 lunch bill. The bank charges a 4% fee. What entry should Blue Spruce make? (b) Swifty Company sold its accounts receivable of $90,000. What entry should Swifty make, given a service charge of 2% on the amount of receivables sold?