Jul 4, 2024: Recorded credit card sales of $110,000, net processor fee of 1% Ignore cost...

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Jul 4, 2024: Recorded credit card sales of $110,000, net processor fee of 1% Ignore cost of Goods sold. (Prepare a single compound journal entry.) Date Jul. 1 Accounts and Explanation Debit Credit Transaction Jul. 1 Jul. 15 Jul. 31 Recorded North American Express credit card sales of $110,000, net of processor fee of 1%. Ignore Cost of Goods Sold. Recorded TrueValue credit card sales of $96,000. Processor charges a 1.5% fee. TrueValue charges the fee at the end of the month, therefore First Place Running Shoes uses the gross method for these credit card sales. Ignore Cost of Goods Sold. TrueValue collected the fees for the month of July. Assume the July 15 transaction is the only TrueValue credit card sale. X Jul 4, 2024: Recorded credit card sales of $110,000, net processor fee of 1% Ignore cost of Goods sold. (Prepare a single compound journal entry.) Date Jul. 1 Accounts and Explanation Debit Credit Transaction Jul. 1 Jul. 15 Jul. 31 Recorded North American Express credit card sales of $110,000, net of processor fee of 1%. Ignore Cost of Goods Sold. Recorded TrueValue credit card sales of $96,000. Processor charges a 1.5% fee. TrueValue charges the fee at the end of the month, therefore First Place Running Shoes uses the gross method for these credit card sales. Ignore Cost of Goods Sold. TrueValue collected the fees for the month of July. Assume the July 15 transaction is the only TrueValue credit card sale. X

Answer rating: 100% (QA)

The compound journal entry for the given transactions would be Date Jul 1 Accounts ... View the full answer