Exercise 8-9 Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.
Jan. 15 Made Colaw credit card sales totaling $22,200. (There were no balances prior to January 15.)
20 Made Visa credit card sales (service charge fee 4%) totaling $6,300.
Feb. 10 Collected $11,600 on Colaw credit card sales.
15 Added finance charges of 3.5% to Colaw credit card account balances.
Journalize the transactions for Colaw Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date Account Titles and Explanation Debit Credit
Jan. 15Jan. 20Feb. 10Feb. 15
Jan. 20
Jan. 15Jan. 20Feb. 10Feb. 15
Jan. 15Jan. 20Feb. 10Feb. 15
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Exercise 8-9 Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
How do cows make beef?
Answers (2)
Weary and weeping I roamed the glen shows what poetic technique?
Answers (1)
Define relationship marketing and how it might fit into the mission or vision for any given product in the overall organizational plan?
Answers (1)
During 2017, Cotte Manufacturing expected Job No. 59 to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Cotte applied overhead based on direct labor cost.
Answers (1)
When a large, well-known corporation wishes to borrow directly from the public, it can a. go to a bank for a loan. b. sell bonds. c. sell shares of stock. d. all of the above are correct?
Answers (2)
New Questions in Business
Challenger Factory produces two similar products: regular widgets and deluxe widgets. The total factory overhead budget is $630,400 with 330,800 estimated direct labor hours.
Answers (1)
Planning for post-production support should begin after the system is deployed as specific support problems arise. a) True b) False
Answers (1)
Turnbull Corp. is in the process of constructing a new plant at a cost of $30 million. It expects the project to generate cash flows of $13,000,000, $23,000,000, and 29,000,000 over the next three years. The cost of capital is 20 percent.
Answers (1)
Spencer Co. has a $350 petty cash fund. At the end of the first month the accumulated receipts represent $58 for delivery expenses, $187 for merchandise inventory, and $27 for miscellaneous expenses. The fund has a balance of $78.
Answers (2)
Pita Pal sells fast-food franchises. Pita Pal receives $83,000 from a new franchisee for providing initial training, equipment, and furnishings that together have a stand-alone selling price of $83,000.
Answers (1)