Hong Kong Stores accepts both its own and national credit cards. During the year, the following selected
Question:
Hong Kong Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.
Jan. 15 Made Hong Kong credit card sales totaling HK$18,000. (There were no balances prior to January 15.)
20 Made Visa credit card sales (service charge fee 2%) totaling HK$4,800.
Feb. 10 Collected HK$10,000 on Hong Kong credit card sales.
15 Added finance charges of 1.5% to Hong Kong credit card account balances.
Instructions
(a) Journalize the transactions for Hong Kong Stores.
(b) Indicate the statement presentation of the financing charges and the credit card service charge expense for Hong Kong Stores.
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Related Book For
Financial Accounting IFRS
ISBN: 978-1118285909
2nd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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