Chapter 7 Question 3

Answer all the requirements please.

Endurance Running Shoes reports the following: (i) (Click the icon to view the transaction information.) Journalize all entries required for Endurance Running Shoes. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 4, 2024: Recorded credit card sales of $120,000, net of processor fee of 2%. Ignore Cost of Goods Sold. (Prepare a single compound journal entry.) More info \begin{tabular}{ll} \hline 2024 & \\ Jan. 1 & RecordedWorldExpresscreditcardsalesof$120,000,netofprocessorfeeof2%.IgnoreCostofGoodsSold. \\ Jan. 15 & RecordedExplorercreditcardsalesof$86,000.Processorchargesa3.5%fee.Explorerchargesthefeeattheendofthemonth,thereforeEnduranceusesthegrossmethodforthesecreditcardsales.IgnoreCostofGoodsSold. \\ Jan. 31ExplorercollectedthefeesforthemonthofJanuary.AssumetheJanuary15transactionistheonlyExplorercreditcardsale. \end{tabular}