Prepare journal entries for the following transactions from Cars Plus. Oct. 18 Customer Angela Sosa purchased $132,980
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Prepare journal entries for the following transactions from Cars Plus.
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Oct. 18 Customer Angela Sosa purchased $132,980 worth of car parts with her Standard credit card. The cost to Cars Plus for the sale is $86,250. Standard credit card charges Cars Plus a fee of 4% of the sale. Oct. 24 Standard remits payment to Cars Plus, less any fees.
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Oct 18 Debit Accounts Receivable Angela Sosa 132980 ...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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