Prepare journal entries for the following transactions from School Mart. Mar. 6 Mar. 8 Mar. 11 Mar.
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Prepare journal entries for the following transactions from School Mart.
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Mar. 6 Mar. 8 Mar. 11 Mar. 14 Sold 1,000 pencil packages with a sales price of $5.72 per package to customer Sonia Norris. Sonia Norris paid with her American credit card. The American credit card charges School Mart a 4.6% usage fee based on the total sale per transaction. The cost for this sale is $1.27 per package. Sold 76 dry erase boards for a total sales price of $6,535 to Henry Malta. Henry paid in full with cash. The cost of the sale is $4,308. Sold 55 reams of paper with a sales price of $3.25 per ream to customer Alex Forsun. Alex Forsun paid using his Union credit card. Union charges School Mart a 2% usage fee based on the total sale per transaction. The cost for this sale is $1.99 per ream. American made a cash payment in full to School Mart for the transaction from March 6, less any usage fees.
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Mar 6 Debit Accounts Receivable Sonia Norris 572000 Credit Sales 572000 Debit Sales Discou...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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