Current 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?

Current 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?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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
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 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) 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 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) 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: (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?
Consider 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) Culver Restaurant accepted a Visa card in payment of a $200 lunch bill. The bank charges a 2% fee. What entry should Culver make? (b) (a) (b) Pronghorn Company sold its accounts receivable of $63,000. What entry should Pronghorn make, given a service charge of 2% on the amount of receivables sold? Account Titles and Explanation Debit Credit
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…
10. In Exhibit 3.6, you see a credit sale to G. H. Allen that is recorded in a paper-based accounting system. On July 28, 2021, Aca Pool Co. received check number 6311 from G. H. Allen in payment of his outstanding invoice. Required: a. Record the receipt of Allen's check on the cash receipts prelist, document number CR645. Your instructor will provide you a blank form. b. Use the prelist as your source document to record this cash receipts transaction in the appropriate 14
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 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 7,200
If a client is on a cash basis, how should you enter beginning Accounts Receivable? Assume that you are using the "Forms" method to enter the opening balances. ACash basis clients cannot use QuickBooks BRecord all open invoices on the original date using the original items CRecord all invoices as Sales Receipts using an item linked to Opening Balance Equity DRecord one lump sum invoice on the Start Date using an item linked to Opening Balance Equity
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
2. Prepare any necessary entries. Use Miscellaneous Expenses, for any bank charges. Use Interest Revenue, for any interest earned on the checking account for March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record journal entry related to the $600 check charged erroneously to Business Solutions' account, if required. Note: Enter debits before credits. Date March 31 5 Record entry General Journal Clear entry MacBook Air Next