June 2012
Beginner
548 pages
15h 16m
English
book
Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Content preview from Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
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EXERCISE 8-3
| Purpose: | (L.O. 4) This exercise will illustrate the journal entries related to credit card sales. |
Bubba's Bed & Bath Shop accepts MasterCard, VISA, and its own Bubba's Bed & Bath Shop (BB&BS) credit cards. MasterCard and VISA sales slips are deposited in the bank daily; the bank charges a 3% fee. The following transactions occurred on May 3, 2014.
- Made sales of $7,200 to customers who presented MasterCard and VISA cards.
- Made sales to the following who used their BB&BS cards:
- Nadine Adam, $120
- Connie Dawson, $240
- Dale Bandy, $500
Instructions
- Prepare the journal entries to record the transactions above for Bubba's Bed and Bath Shop.
- Prepare the journal entry to record collections of $120, $40, and $100 from Nadine Adam, Connie Dawson, and Dale Bandy, respectively.
- Prepare the journal entry to record interest charged to customer accounts at the rate of 1.5% per month as follows: Connie Dawson, $3; Dale Bandy, $6.
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