Al 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 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: Gideon Company uses the direct write-off method of accounting for uncollectible accounts. On May 3,…
A: Under the direct write-off method, the bad debt is charged to expense when accounts receivable are…
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: AI Kamil Hypermarket accepted a Bank Muscat credit card for a RO 7,500 purchase. Bank Muscat charges…
A: No. Account Titles and Explanation Debit Credit Cash RO 7,200 Service…
Q: You are to enter the following items in the books, post to personal accounts, and show the transfers…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
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: 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: 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: Prepare the following journal entries. a. customer is given an allowance of $ 425. b. A…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: 2. SALE OF ACCOUNTS RECEIVABLE Present the journal entries specified below. Tamarisk Company sells…
A: Accounting Rules (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses,…
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: Maple Woodworking accepts creditcards at its store. Maple’s credit card processor charges a fee of…
A: Credit sale: It can be defined as the sale of goods and services by the company to its customers on…
Q: Exon Company sold accounts receivable of $28,000 (with an allowance for doubtful accounts of $840)…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step 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: Valley Company purchases merchandise on account for $6,236 from Corn Company with credit terms of…
A: The cash discount is allowed to buyer, if payment is made within discount period. The FOB shipping…
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: Pharoah Company sells merchandise on account for $3500 to Riverbed Company with credit terms of…
A: Calculate the amount of check.
Q: Barans Company purchased merchandise on account from a supplier for $9,200, terms 1/10, n/30. Barans…
A: 1/10 net 30 means 1% discount will be there if payment is made with in 10 days and no discount after…
Q: Omani Marble Company LLC sells (on credit) OMR 15000 Marble to a retailer with credit terms of 3/10,…
A: Credit terms includes terms and conditions related to credit transactions between the seller and…
Q: Alpha Corporation sells $2799 of merchandise on account to Blackwell Company with credit terms of 3…
A: Payments terms of 3/10, n/30 means discount of 3% on goods is valid for 10 days from the date of…
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: Blossom Company sells merchandise on account for $3300 to Morton Company with credit terms of 2/7,…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
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: Python Company sells merchandise on account for $5,000 to Monte Company with credit terms of 2/10,…
A: Net Amount payable = Purchases - Purchase return = $5,000 - $1,500 = $3,500
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: Brief Exercise 9-07 a-b Presented below are two independent transactions. (Credit account titles are…
A: Working Note: Bank Charges = Payment amount×Bank Charge=$175×4%=$7
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: 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: (a) On March 3, Kitseiman Appliances sells $667,200 of its receivables to Blossom Inc. Blossom…
A: The journal entries are a way to record the business transactions in the books of account. A minimum…
Q: Crane Company has the following accounts in its general ledger at July 31: Accounts Receivable…
A: General journal: It is the initial step to record all the transactions in a general journal before…
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: 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: 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…
Q: Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the…
A: WE USE THE ALLOWANCE ACCOUNT BALANCE TO WRITE OFF THE ACCOUNT RECEIVABLES .
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
- Consider 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…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 CreditView 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 ....
- 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) 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
- 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) 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(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 10Current Attempt in Progress 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) Crane Restaurant accepted a Visa card in payment of a $400 lunch bill. The bank charges a 3% fee. What entry should Crane make? (b) Larkspur Company sold its accounts receivable of $64,500. What entry should Larkspur make, given a service charge of 3% on the amount of receivables sold?