Question: Colaw Stores accepts both its own and national credit cards

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 $18,000. (There were no balances prior to January 15.)
20 Made Visa credit card sales (service charge fee 2%) totaling $4,500.
Feb. 10 Collected $10,000 on Colaw credit card sales.
15 Added finance charges of 1.5% to Colaw credit card account balances.

Instructions
(a) Journalize the transactions for Colaw Stores.
(b) Indicate the statement presentation of the financing charges and the credit card service charge expense for Colaw Stores.


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  • CreatedJanuary 30, 2014
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