On July 20, Wolverine presents credit card receipts to its bank in the amount of $10,000; the
Question:
On July 20, Wolverine presents credit card receipts to its bank in the amount of $10,000; the collection charge is 4%. Prepare the journal entry on Wolverine’s books on July 20, the date of deposit.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (10 reviews)
Journal July 20 Cash Entry Analysis ASSETS Cash 9600 Collection Fe...View the full answer
Answered By
Branice Buyengo Ajevi
I have been teaching for the last 5 years which has strengthened my interaction with students of different level.
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting The Impact on Decision Makers
ISBN: 978-1285182964
9th edition
Authors: Gary A. Porter, Curtis L. Norton
Question Posted:
Students also viewed these Business questions
-
Accounting for Credit Card Sales On July 20, Wolverine presents credit card drafts to its bank in the amount of $10,000; the collection charge is 4%. Identify and analyze the transaction on...
-
Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, Levine receives an immediate credit to its account...
-
Hue Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Omni Bank Card, Hue receives an immediate credit to its account when it...
-
The current quoted price of a 13% coupon bond is $110. It pays coupon semi-annually. The next coupon will be paid in 6-days (total number of days in this semi-annual period is 181) and the futures...
-
Write a paper on CONTROLLERSHIP which should include critical analysis and how you would apply these concepts in practice.
-
Sylvan Inc. entered into a non-cancelable lease arrangement with Breton Leasing Corporation for a certain machine. Bretons primary business is leasing; it is not a manufacturer or dealer. Sylvan will...
-
Using MATLAB, plot the dynamic response of the plucked string, Eq. (E.6) of Example 8.1, at \(x=l / 2\). Data: \(h=0.1 \mathrm{~m}, l=1.0 \mathrm{~m}, c=100 \mathrm{~m} / \mathrm{s}\). Data From...
-
Accounts and Notes Payable the following are selected 2010 transactions of Darby Corporation. Sept. 1 Purchased inventory from Orion Company on account for $50,000. Darby records purchases gross and...
-
A flock of geese is attempting to migrate due south, but the wind is blowing from the west at 4.7m/s. a) If the birds can fly at 7.9m/s relative to the air, what direction should they head?
-
Ashley's Auto Top Carriers currently maintains plants in Atlanta and Tulsa that supply major distribution centers in Los Angeles and New York. Because of an expanding demand, Ashley has decided to...
-
Swartz Inc. enters into the following transactions during 2014: July 1: Paid $10,000 to acquire on the open market $10,000 face value of Gallatin bonds. The bonds have a stated annual interest rate...
-
On November 1, 2014, Gopher received a $50,000, 6%, 90-day promissory note. Prepare any necessary journal entry on December 31, the end of the companys fiscal year.
-
On December 31, 2020, Asaad Corporation had the following shareholders? equity accounts: During 2021, the following transactions occurred: Feb. 1 Declared a $1 cash dividend to shareholders of record...
-
Alice wants to keep the inside of her apartment at a nice temperature of 72.6F while the outside temperature is 87.3 F. If she were to get the internal temperature to 72.6 F and then turn off her air...
-
A retail company wants to determine if the average daily sales of their new product line have significantly increased compared to the old product line. The company randomly selects 100 stores that...
-
Which of the following statements regarding investment risk is correct? 1.) Beta is a measure of systematic, non-diversifiable risk 2.) Rational investors will form portfolios and eliminate...
-
For the year ended 31 December 2020 HKU Company had: Net income for the year of $18,120,000 8,705,000 ordinary shares outstanding at the beginning of 2020 450,000 outstanding cumulative and...
-
On January 1, 2024, the Excel Delivery Company purchased a delivery van for $33,000. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year...
-
Fill in the blanks with an appropriate word, phrase, or symbol(s). The number of edges that connect to a vertex is called the __________ of the vertex.
-
Prepare a stock card using the following information A company is registered for GST which it pays quarterly, assume GST was last paid on the 30th of June 2019. It uses weighted average cost...
-
Franklin Co., a specialty retailer, has a history of paying quarterly dividends of $0.50 per share. Management is trying to determine whether the company will have adequate cash on December 31, 2011,...
-
Jane Erving, a newly hired accountant wanting to impress her boss, stayed late one night to analyze the long-distance calls by area code and time of day placed. She determined the monthly cost for...
-
Jane Erving, a newly hired accountant wanting to impress her boss, stayed late one night to analyze the long-distance calls by area code and time of day placed. She determined the monthly cost for...
-
Clark Company's current year income statement, comparative balance sheets, and additional information follow. For the year. (1) all sales are credit sales. (2) all credits to Accounts Receivable...
-
A process manufacturer reports the following: Conversion Units Beginning work in process inventory 194,000 Percent Complete 85% Units started this period 420,000 Units completed and transferred out...
-
Crane Windows manufactures and sells custom storm windows for three-season porches. Crane also provides installation service for the windows. The installation process does not involve changes in the...
Study smarter with the SolutionInn App