Good Stuff Retailers accepted ($ 50,000) of Citibank Visa credit card charges for merchandise sold on July

Question:

Good Stuff Retailers accepted $\$ 50,000$ of Citibank Visa credit card charges for merchandise sold on July 1.

Citibank charges $4 \%$ for its credit card use. The entry to record this transaction by Good Stuff Retailers will include a credit to Sales Revenue of $\$ 50,000$ and a debit(s) to:

a. Cash $\$ 48,000$ and Service Charge Expense $\$ 2,000$.

b. Accounts Receivable $\$ 48,000$ and Service Charge Expense $\$ 2,000$.

c. Cash $\$ 50,000$.

d. Accounts Receivable $\$ 50,000$.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting Tools For Business Decision Making

ISBN: 9781119791089

10th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell

See More Books

Question Posted: Feb 24, 2024 05:01 AM

See More Questions

The Case - 'One Sandwich Caravan' Company is a sandwich shop that sell one type of sandwiches only, meat. Employees are highly trained in making sandwiches and dealing with customers. "Customer is...
Each of the two semicircular disks has a mass of 1.20 kg and is welded to the shaft supported in bearings A and B as shown. Calculate the forces applied to the shaft by the bearings for a constant...
Calculate the fluid pressure on one of the slanted sides of the trough in Figure 18 when it is filled with corn syrup as in Exercise 25. Data From Exercise 25 The trough in Figure 18 is filled with...
Columbiana: A small, independent Caribbean island that wants to develop its tourist industry and attract more visitors. How can a Web presence help? What Internet business model would be appropriate?...
The Murphy & Kent partnership has the following balances on June 30, 2018: MURPHY & KENT Balance Sheet June 30, 2018 Murphy and Kent share profits 3:2, respectively. Murphy and Kent decide to...
Asa youth league administrator, you are concerned with the lack of sportsmanlike behavior shown by many parents who attend your games. Often, they make very rude comments to the game officials, and,...
When we roll a pair of balanced dice, what are the probabilities of getting (a) 7 ; (b) 11 ; (c) 7 or 11 ; (d) 3 ; (e) 2 or 12 ; (f) 2,3 , or 12 ?
On October 5, 2014, Diamond in the Rough Recruiting Group Inc.'s board of directors decided to dispose of the Blue Division. A formal plan was approved. Diamond derives approximately 7 5% of its...
Use the diagram to answer each question. Pulleys 2 5 3 A B have the C D EPotential Energy V 0.425 23. Which machine(s) Do(es) Not multiply the input force? 3 pts UCS
A company can accelerate its cash receipts by all of the following except: a. offering discounts for early payment. b. accepting national credit cards for customer purchases. c. selling receivables...
An analysis and aging of the accounts receivable of Raja Company at December 31 reveal these data: What is the cash realizable value of the accounts receivable at December 31, after adjustment? a....
An electron, whose mass is 9.11 1031 kg, is accelerated by a positive charge to a speed of 5.0 106 m/s. What is the kinetic energy of the electron in joules? in calories?
Based on your answers to Problems 29-13 and 29-14, when A increased, did the degree of income inequality increase or decrease? Explain why your answer makes sense by referring to the implied change...
Would the failure points, line of visibility, and processing times used in service maps be useful in process-flow diagrams for products?
If efficiency, variety, and so on are the important measures of the low-contact or no-contact portion of a service, what are the important measures of the high-contact portion?
Let $\mathcal{S}$ be the half-cylinder $x^{2}+y^{2}=1, x \geq 0,0 \leq z \leq 1$. Assume that $\mathbf{F}$ is a horizontal vector field (the $z$-component is zero) such that \(\mathbf{F}(0,...
A call center has determined five types of defects can occur in processing customer calls: the customer spends too long on hold, the customer is given the wrong information, the customer rep handles...
Logan Electronics signed a lease to use a machine for five years. The annual lease payment is $14,200 payable at the end of each year. 1. Record the lease, assuming that the lease should be accounted...
Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment...
Heinen Wholesale Corp. uses the LIFO cost flow method. In the current year, profit at Heinen is running unusually high. The corporate tax rate is also high this year, but it is scheduled to decline...
On December 1, 2010, Gonzalez Company had the account balances shown below. The following transactions occurred during December. Dec. 3 Purchased 4,000 units on account at a cost of $0.75 per unit. 5...
What principles of internal control apply to most business enterprises?
Hampton Company reports the following information for its recent calendar year. Income Statement Data Sales Expenses: Cost of goods sold Salaries expense Depreciation expense Net income Required:...
Consider the following graph and the heuristic values of each state. The start state is S and the only goal state is G. B E S A Heuristic BCD E G 6 0 6 4 1 10 0 a) What path would uniform cost graph...
The following selected data were taken from the accounting records of Colorado Enterprises: Month Manufacturing Overhead May June July August Machine Hours 50,500 61,800 $ 934,000 1,148,000 77,000...

Good Stuff Retailers accepted ($ 50,000) of Citibank Visa credit card charges for merchandise sold on July

Question:

Step by Step Answer:

a The entry includes a credit to S...View the full answer

Financial Accounting Tools For Business Decision Making

Students also viewed these Business questions