Marathon Running Shoes reports the following: 2018 Sep. 1 Recorded National Express credit card sales for of
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2018
Sep. 1 Recorded National Express credit card sales for of $96,000, net of processor fee of 1%. Ignore Cost of Goods Sold.
15 Recorded ValueMax credit card sales of $80,000. Processor charges a 1.5% fee. ValueMax charges the fee at the end of the month, therefore Marathon uses the gross method for these credit card sales. Ignore Cost of Goods Sold.
30 ValueMax collected the fees for the month of September. Assume the September 15 transaction is the only ValueMax credit card sale.
Journalize all entries required for Marathon Running Shoes.
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Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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