Question: On July 4, Kathis Restaurant accepts a Visa card for a $250 dinner bill. Visa charges a 4% service fee. Instructions Prepare the entry on

On July 4, Kathi’s Restaurant accepts a Visa card for a $250 dinner bill. Visa charges a 4% service fee.

Instructions

Prepare the entry on Kathi’s books related to the transaction.


Step by Step Solution

★★★★★

3.27 Rating (171 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

July 4 Cash 250 ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

48-B-A-C-R (266).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

On July 4, Mazie's Restaurant accepts a Visa card for a $250 dinner bill. Visa charges a 4% service fee. Instructions Prepare the entry on Mazie's books related to the transaction?

Q:

On July 4 Lindas Restaurant accepts a Visa card for a $200 dinner bill. Visa charges a 3% service fee. Instructions Prepare the entry on Lindas books related to the transaction.

Q:

On July 4, Susies Restaurant accepts a Visa card for a $250 dinner bill. Visa charges a 4% service fee. Instructions Prepare the entry on Susies books related to the transaction.

Q:

On July 4, Susies Restaurant accepts a Visa card for a $250 dinner bill. Visa charges a 4% service fee. Instructions Prepare the entry on Susies books related to the transaction. AppendixLO1

Q:

E8-5 Godfreid Company has accounts receivable of $95,400 at March 31, 2017, Credit Determin terms are 2/10, n/30. At March 31, 2017, there is a $2,100 credit balance in Allowance for Doubtful...

Q:

10, Keene Company sold merchandise for $4,000 and accepted the Pre customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard charges a 3.8% service charge for...

Q:

- !! View Policies Current Attempt in Progress The following are two independent situations (a) On April 2. Carla Elston uses her JCPenney credit card to purchase merchandise from a CPenney store for...

Q:

On March 3, Sheffield Corp.sells $680,200 of its receivables to Western Factors Inc Western Factors Inc. assesses a service charge of 4% of the amount of receivables sold. Prepare the entry on...

Q:

Please help Presented below are two independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) On April 2, Julie Keiser uses her...

Q:

Presented below are two independent situations. (a) On April 2, Brooklyn Decker uses her J. C. Penney Company credit card to purchase merchandise from a J. C. Penney store for $1,500. On May 1,...

Q:

A 20-ft3 tank contains ammonia at 20 lbf/in 2, 80 F. The tank is attached to a line flowing ammonia at 180 lbf/in 2, 140 F. The valve is opened, and mass flows in until the tank is half full of...

Q:

Use the following 12 periods of demand to produce a double exponential smoothing forecast for period 13. Use a smoothing constant, , equal to 0.35. Use 536 as the initial forecast values. Period a t...

Q:

4. How well are customer complaints handled and recorded?

Q:

At the year end the city of Portland had the following ending balances in its general fund operating account: revenue control $815,0000 expenditure control $6,500,000 other financing sources transfer...

Q:

Because Marla was so strongly committed to a fat-free diet, she did not bother to read a recent report by the New England Journal of Medicine suggesting that some fat in our diet is healthy. The...

Q:

Suppose that the depreciation of EA/B was 7% over the past year, and prices in country A increased by 4% from this time last year. Assuming relative PPP holds, what was the rate of inflation in...

Q:

A solar cell has a short circuit current density of 40 mA/cm? and an open circuit voltage of 0.60 V under one-sun illumination at room temperature (the power from an AM1.5 global tilt spectrum)....

Q:

Assume that the preferred habitat theory holds and that the one-year spot rate is 5.50% per annum nominal and that the 18-month spot rate is 5.25% per annum nominal. Assuming that investors have a...

Q:

Following is a series of acidbase reactions that represent the individual steps in a known organic transformation, the replacement of Br by OH at a carbon bearing three alkyl groups. Considering only...

Q:

FireOut, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume...

Q:

Overton Electronics manufactures two large-screen television models: the Royale which sells for $1,600, and a new model, the Majestic, which sells for $1,300. The production cost computed per unit...

Q:

Skaros Stairs Co. of Moore designs and builds factory-made premium wooden stairways for homes. The manufactured stairway components (spindles, risers, hangers, hand rails) permit installation of...

Q:

An investor has two alternatives A and B. Also the other opportunities exist at 12% minimum rate return. The total money available for investment is 80,000 and cash flow for alternative A and B are...

Q:

You are a shareholder in XViti Limited. XViti Limiteds shares are trading in the market at $7.50. XViti Ltd today announced a renounceable rights issue offer which provides you with a right to...

Q:

To code diagNose, I n which Volume should you start? Which volumlumen should you verify the code?