Question: -which multiple choice is correct 1.) On May 11, Colquitt Company accepted an American Express card from a customer for a $5,400 purchase. American Express

-which multiple choice is correct

1.) On May 11, Colquitt Company accepted an American Express card from a customer for a $5,400 purchase. American Express charges a 2% service fee. The entry to record this transaction would include a:

	a.	credit to service charge expense of $108.
	b.	debit to service charge expense of $108.
	c.	debit to cash of $5,400.
	d.	credit to sales revenue of $5,508.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Ryan could not stay awake at work and was unable to remember and keep track of key parts of his job. When questioned, he told his boss that he had sleep apnea, a sleep disorder that causes a person...

1.) A customer charges a treadmill at Mike's Sport Shop. The price is $2,000 and the financing charge is 9% per year if the bill is not paid in 30 days. The customer fails to pay the bill within 30...

Accounting 220 Final Exam 31 questions fairly easy. Needs to be done in an hour. The first half of the exam features 6 questions with short answers and calculations. For these, omit all general...

Presented below are two independent situations. (a) On April 2, Julie Keiser uses her JCPenney Company credit card to purchase merchandise from a JCPenney store for $1,800. On May 1, Keiser is billed...

I would like assistance with assignment 3 and 4 on the attached document I have been struggling with the subject and its my last AUI4863/102/0/2016 Tutorial letter 102/0/2016 ADVANCED INTERNAL AUDIT...

Q1: Using the asset and liability information, in EXCEL develop a balance sheet. Assume there are no unpaid bills. ASSETS January 1, Current Year (all assets are community property) PERSONAL PROPERTY...

Section I: Financial Statements Q1: Using the asset and liability information, in EXCEL develop a balance sheet. Assume there are no unpaid bills. Q2: Using the income and expenditure information, in...

provide full solution that will get full marks to the paper attached Name: .................................................... Student Number: .................................. Signature:...

Q3: Based on the financial statements, in EXCEL calculate the following ratios: Living Expenses Covered Ratio Debt Ratio Debt Service to Income Ratio Saving Ratio Investment Assets to Total Assets...

Develop a cash flow statement. Show monthly and yearly. MATURITY N/A N/A ASSETS - January 1, Current Year (all assets are community property) LOCATION BALANCE RATE OF INTEREST CHECKING First National...

Describe three examples of dilutive securities in a complex capital structure and discuss why they are dilutive.

1 -2 31 [10 -3 9 Let A = -1 3 0,B: = 3 1-2, C = -2,C=-4 22 1 17. 2-55] a) Find A, then use it to find (B-1A)-1. C. b) Use Ato find AX = C. c) Evaluate |B|. Q-4: [7+8 marks] a) Determine whether the...

Integral of ( ( x ^ 3 ) y - 8 xy ) dydx from 0 to 3 and - 2 to 0

3. Mr. Kumar wants to invest his savings in mutual funds. However, he is completely unfamiliar about how to go about it. He approaches you, a wealth advisor in the bank where he holds his savings...

Explain in your own words why ethical business leadership is crucial in todays business scenario. What do YOU expect from an ethical business leader/manager ? (10 Marks) The answer should be a min of...

1. Leo Messi, a football player visits India for 110 days in every financial year. This has been his practice for the past ten years. Explaining the conditions to determine the residential status,...

Write a paper on Case study; Preventing Fraud Fraud prevention and detection policy should cover the following issues: 1. Fraud awareness and prevention policies 2. Individual risk factor management...

The Basel Accords primarily focuses on prudential norms for bank capital under the aegis of which banks are required to ensure adequate capital to cover losses on account of significant risks in...

Which of the following is not one of the competitive priorities organizations emphasize as the basis of competing with one - another? Question 3 0 options: Cost Quality Product duplication Flexibility

1. Some of your past research has focused on the causes of turnover. Based on this research, what can managers do to improve employee retention?

Did you use the correct logo and placement to be consistent with the brand? [yes or no]

Did you check all the numbers, names, telephone numbers, web addresses, and locations for accuracy?