Consider these transactions: a. Tastee Restaurant accepted a Visa card in payment of a $200 lunch bill.
Question:
Consider these transactions:
a. Tastee Restaurant accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Tastee make?
b. Martin Company sold its accounts receivable of $65,000. What entry should Martin make, given a service charge of 3% on the amount of receivables sold?
Accounts ReceivableAccounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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a Cash 200 6 194 Service Charge Expense 200 ...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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