Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. consider the following transaction: on february 15

Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales...

50.1K

Verified Solution

Question

Accounting

image
Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price of $15 per doll to Rosemary Cummings The cost to Darling Dolls is $5 per doll. Prepare a journal entry under the following condition: 1. Payment is made using a Gentry credit card. Assume Gentry charges a 3.5\% fee for each sales transaction using its card. Dr. Accounts Receivable - Gentry 1,592.25; DR Credit Card expense 57.75; CR Sales Revenue 1,650 Dr. Accounts Receivable - Cummings 1,592.25; DR Credit Card expense 57.75; CR Sales Revenue 1,650 Accounts Receivable - Cummings 1,650; Cr. Sales Revenue 1,650

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

www awu aleks com alekscgi x GEOMETRY Word problem involving A ladder leans against the...

Geometry
Q

Express the number in decimal notation 1 36 10 1 36 x 100 1 36

Calculus
Q

Exhibit 1 Lehigh Market SummaryRead the case "Lehigh Steel". Submit a write-up...

Accounting
Q

I NEED THIS ANSWERED WITHIN THE NEXT 30 MINUTES, PLEASE! WILL LIKE/COMMENT! Using...

Accounting
Q

Preparing and Analyzing Closing Entries At December 31, the ledger of Aulani Company includes the...

Accounting
Q

If 18,000 units were in beginning inventory, 27,000 units were started, and 9,000 units were...

Accounting
Q

55. Information from a manufacturing company's current year income statement follows. Calculate the company's (a)...

Accounting
Q

On January 1, 2021, a company acquires $360,000 of another companys 9% bonds at a...

Accounting
Q

Lucy, Seamus and Koo are students who are keen to earn an income in their...

Accounting
Q

Bonus (4 Marks) Assume the following statistics for Stocks A, B, and C: Stock A...

Finance
Q

what is (295.20 billion+ 23.20 billion- 15.798 billion) / 1.2 million

Accounting
Q

7) True or False - The following questions are included in analyzing and recording transactions....

Accounting