Business, 19.03.2020 21:34 Mckenzie8062
Exercise 7-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card. Continental assessed a 2.5% charge on sales for using its card. Apr. 8 Sold merchandise for $7,300 (that had cost $5,395) and accepted the customer's Suntrust Bank Card. 12 Sold merchandise for $3,800 (that had cost $2,462) and accepted the customer's Continental Card. Prepare journal entries to record the above selected credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.)
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Business, 21.06.2019 14:00
Which change is illustrated by the shift taking place on this graph? an increase in demanda decrease in demandan increase in supplya decrease in supply
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Business, 21.06.2019 19:20
The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense. accounts receivable $ 435,000 debit allowance for doubtful accounts 1,250 debit net sales 2,100,000 credit all sales are made on credit. based on past experience, the company estimates 1.0% of credit sales to be uncollectible. what adjusting entry should the company make at the end of the current year to record its estimated bad debts expense
Answers: 2
Business, 21.06.2019 20:30
Which of the following best describes a fractional reserve banking system? a. a banking system in which a large portion of the bank's assets are digital money rather than bills and coins. b. a banking system in which banks keep a portion of deposits on hand to satisfy their customer's demands for withdrawals. c. a banking system in which banks have only partial control over the interest rates they charge on loans. d. a banking system in which net worth is calculated by subtracting a fraction of liabilities from assets. 2b2t
Answers: 3
Exercise 7-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory syst...
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