Exercise 7-3 Sales on store credit card LO C1 Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any balance on its store credit card at each month-end. Apr. 30 Z-Mart sold merchandise for $2,800 (that had cost $1,550) and accepted the customer's Z-Mart store credit cam May 31 Z-Mart recorded $3 of interest earned from its store credit card as of this month-end. Prepare journal entries to record the above credit card transactions of Z-Mart.

Exercise 7-3 Sales on store credit card LO C1 Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any balance on its store credit card at each month-end. Apr. 30 Z-Mart sold merchandise for $2,800 (that had cost $1,550) and accepted the customer's Z-Mart store credit cam May 31 Z-Mart recorded $3 of interest earned from its store credit card as of this month-end. Prepare journal entries to record the above credit card transactions of Z-Mart.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5.6EX

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#4 Cont 3005 i Saved Help Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 Z-Mart sold merchandise for $2,900 (that had cost $1,600) and accepted the customer's Z-Mart store credit card. May 31 Z-Mart recorded $4 of interest earned from its store credit card as of this month-end. Prepare journal entries to record the above credit card transactions of Z-Mart. 1:06:29 View transaction list Journal entry worksheet 1 Z-Mart sold merchandise for $2,900 and accepted the customer's Z-Mart store credit card. Note: Enter debits before credits. Date General Journal Debit Credit Apr 30 Record entry Clear entry View general journal く Prey 5 of 7 Next >
Exercise 7-3 Sales on store credit card LO C1 Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 z-Mart sold merchandise for $2,400 (that had cost $1,350) and accepted the customer's Z-Mart store credit card. May 31 Z-Mart recorded $6 of interest earned from its store credit card as of this month-end. Prepare journal entries to record the above credit card transactions of Z-Mart. View transaction list Journal entry worksheet 2 Z-Mart sold merchandise for $2,400 and accepted the customer's Z-Mart store credit card. Note: Enter debits before credits. Debit Credit Date General Journal Apr 30 MacBook Air
Exercise 7-3 Sales on store credit card LO C1 Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 Z-Mart sold merchandise for $2,800 (that had cost $1,550) and accepted the customer's Z-Mart store credit card. May 31 Z-Mart recorded $3 of interest earned from its store credit card as of this month-end. Prepare journal entries to record the above credit card transactions of Z-Mart. View transaction list Journal entry worksheet 1 3 Z-Mart sold merchandise for $2,800 and accepted the customer's Z-Mart store credit card. Note: Enter debits before credits. Date General Journal Debit Credit Apr 30 Record entry Clear entry View general journal
Exercise 9-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $4,700 (that had cost $3,473) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $6, ee0 (that had cost $3,888) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 3 4 > Sold merchandise for $4,700 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits. Date General Journal Debit Credit Apr 08 Record entry Clear entry View general joumal Journal entry worksheet Record the cost of goods sold, $3,473. Note: Enter debits before credits. Date General Journal Debit Credit Apr 08 Record entry Clear entry View general journal
18/Sunlife mart sold goods on 6th August, 2018 of RO 88,000 on credit to a customer under the payment terms 2/10, n/30. The customer also returned goods of RO 1,400 and paid cash on 13th August, 2018. Record this payment in the books of seller under periodic inventory system? a. Sales discount RO 1,732 Dr / Cash 84,868 Dr / Account receivable RO 86,600 Cr b. Account receivable RO 86,600 Dr / Sales discount RO 1,732 Cr / Cash RO 84,868 Cr c. Account receivable RO 88,000 Dr / Cash RO 88,000 Cr d. Cash RO 88,000 Dr / Account receivable RO 88,000 Cr
Exercise 9-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $7,500 (that had cost $5,543) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,600 (that had cost $3,629) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.)
K The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Description Previous balance, $6220.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries $350.00 credit $60.00 $90.00 March 21 Charge: Car Repairs $240.00 March 31 End of billing period Payment Due Date: April 9 Transaction Amount ... a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ (Round to the nearest cent as needed.) c. Find the balance due on April 1. The balance due on April 1 is $ (Use the answer from part b to find this answer.) b. Find the interest to be paid or April 1, the next billing date. Round to the nearest cent. The interest to be paid on April 1 is $ (Use the answer from part a to find this…
QS 9-1 (Algo) Credit card sales LO C1 Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $21,000 of merchandise, which cost $15,800, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,100 of merchandise, which cost $3,050, on an assortment of bank credit cards. These cards charge a 4% fee.
Chapter 11 Homework еBook Show Me How Print Item Trade Discount and Cash Discounts Instructions Chart of Accounts Calculations General Journal Instructions Merchandise was purchased on account from Grant's Distributors on June 12. The purchase price was $4,000, less a 10% trade discount and credit terms of 2/10, n/30. Required: 1. Calculate the net amount to record the invoice, less the 10% trade discount. 2. Calculate the amount to be paid on this invoice within the discount period. 3. Journalize the purchase of the merchandise on June 12 and the payment on June 22 (within the discount period) in a general journal. %3D
20 Omani Marble Company LLC sells (on credit) OMR 15000 Marble to a retailer with credit terms of 3/10, n/30. If OMR 9,000 of the account receivable is collected from the customer within the ten-days discount period, identify the journal entry from the following. a. Dr Accounts receivables OMR 9000 and Cr Cash OMR 8730 Cr sales discount OMR 270 b. Dr Cash OMR 8730 Dr sales discount OMR 270 and Cr Accounts receivables OMR 9000 c. Dr Cash OMR 9000 and Cr Accounts receivables OMR 9000 d. Dr Cash OMR 15000 and Cr Accounts receivables OMR 15000 Clear my choice
Appendix 1 Discount taken in next fiscal year Using the data for Sacajawea Mercantile Co. in Exercise 5-35, assume that Mark Bishop pays his June 30, 20Y4, account receivable of 1,500 on July 6, 20Y4, and takes a 2% sales discount. Journalize the entry to record the payment on account from Mark Bishop.
C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: May 2Received 411.60 cash from N. Rojas in payment of April 23 invoice of 420, less cash discount. 5Received 2,085 cash in payment of 2,000 note receivable and interest of 85. 8Sold merchandise on account to G. Soto, invoice no. 862, 830. 9Received 11,838.40 cash from D. Maddox in payment of April 30 invoice of 12,080, less cash discount. 15Received cash from G. Soto in payment of invoice no. 862, less cash discount. 16Cash sales for first half of May, 3,259. 19Received 296 cash from R. O. Higgins in payment of April 14 invoice, no discount. 22Sold merchandise on account to N. T. Jennings, invoice no. 863, 753. 25Received 239 cash refund for return of defective equipment bought in April for cash. 28Sold merchandise on account to M. E. Mueller, invoice no. 864, 964. 31Cash sales for second half of May, 4,728. Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of the debit and credit totals.