Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. (0) peru furniture mart, inc., sold $76,000 of fu

(0) Peru Furniture Mart, Inc., sold $76,000 of furniture in May to customers who...

70.2K

Verified Solution

Question

Accounting

(0)

Peru Furniture Mart, Inc., sold $76,000 of furniture in May to customers who used their American Express credit cards. Such sales are subject to a 4% discount by American Express (a nonbank credit card).

a. Prepare jounral entries to record the sales and the subsequent receipt of cash from the credit card company

b. do the same as requirement a, but assume the credit cards used were VISA cards (a bank credit card)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Caspian Sea Drinks is considering the purchase of a plum juicer – the PJX5. There is...

Operations Management
1.2K views

Focusing on the company Nestles Trinidad and Tobago, Market penetration, market development and Product development are strategies...

General Management
1.2K views

Discuss the difference between public and private facilities, focus on the private financing of sport facilities...

Basic Math
1.2K views

Find an equation for the ellipse whose graph is shown y 0 F 0 3...

Calculus
1.2K views

Consider the following data regarding students college GPAS and high school GPAS The estimated regression...

Algebra
1.2K views

Graph the following function.y = 4 cos (x + ?/8)

Algebra
1.2K views

6 Conside the following piece wise function x 2 if x 0 e llestradogle onlinresis...

Accounting
1.2K views

Suppose that the current 1-year rate (1-year spot rate) and expected 1-year T-bill rates over...

Accounting
1.2K views

Garden Sales, Incorporated, usually has to borrow money during the second quarter to support peak...

Accounting
1.2K views

The following data relate to direct labor costs for the current period: ...

Accounting
1.2K views

Mrrue ret cans fooses 5

Accounting
1.2K views

Week 5: Trial Balance, Adjustments, Closing Entries submit your work by the end of Week...