Complete the following transaction for Canadian Tire using proper journal entry procedure. Complete the following transactions for

Complete the following transaction for Canadian Tire using proper journal entry procedure.

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Complete the following transactions for Canadian Tire using proper journal entry procedure. Show any math in your explanations. Assume a periodic inventory system is used. Use Cash Transactions, Debit Card Sales and Credit Card Sales from Lesson 1.5 to help in answering these questions. 1. Canadian Tire sold $3,000 worth of merchandise for cash on Nov 10th. 2. Canadian Tire sold $5,000 worth of merchandise on account on Nov 15th. 3. On Nov 20th, Canadian Tire received the money from the Nov 15th sale on account. 4. Debit card sales for Nov 25th at Canadian Tire totaled $8,000. The service charges associated with the debit card transactions was $40. 5. Canadian Tire makes regular (Visa / Mastercard) credit card sales totaling $6,000 on Dec 6th, the credit card fee is 3%. 6. Canadian Tire makes their own (Canadian Tire Visa) credit card sales totaling $4,000 on Dec 10th. 7. On Dec 20th, Canadian Tire received the $4,000 from their own credit sales on Dec 10th less a 3% credit card fee. For the next 2 entries, assume Transaction 7 never occurred. 8. On Dec 31, an adjusting entry is needed to record the 3% credit card fee expense for the Dec 10th entry by Canadian Tire. 9. On Jan 15th, Canadian Tire received the remainder of the credit card sale from Dec 10th. Complete the following transactions for Canadian Tire using proper journal entry procedure. Show any math in your explanations. Assume a periodic inventory system is used. Use Cash Transactions, Debit Card Sales and Credit Card Sales from Lesson 1.5 to help in answering these questions. 1. Canadian Tire sold $3,000 worth of merchandise for cash on Nov 10th. 2. Canadian Tire sold $5,000 worth of merchandise on account on Nov 15th. 3. On Nov 20th, Canadian Tire received the money from the Nov 15th sale on account. 4. Debit card sales for Nov 25th at Canadian Tire totaled $8,000. The service charges associated with the debit card transactions was $40. 5. Canadian Tire makes regular (Visa / Mastercard) credit card sales totaling $6,000 on Dec 6th, the credit card fee is 3%. 6. Canadian Tire makes their own (Canadian Tire Visa) credit card sales totaling $4,000 on Dec 10th. 7. On Dec 20th, Canadian Tire received the $4,000 from their own credit sales on Dec 10th less a 3% credit card fee. For the next 2 entries, assume Transaction 7 never occurred. 8. On Dec 31, an adjusting entry is needed to record the 3% credit card fee expense for the Dec 10th entry by Canadian Tire. 9. On Jan 15th, Canadian Tire received the remainder of the credit card sale from Dec 10th.

Answer rating: 100% (QA)

Date Particulars Debit Credit Nov 10 Cash 3000 Sales Revenue 3000 Nov 15 Accounts receivable 5000 S... View the full answer