Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. e8-4a. credit card sales jamie's fabrics accepts c

E8-4A. Credit Card Sales Jamie's Fabrics accepts cash, personal checks, and two credit cards when...

50.1K

Verified Solution

Question

Accounting

image
E8-4A. Credit Card Sales Jamie's Fabrics accepts cash, personal checks, and two credit cards when custom ers buy merchandise. With the Great American Bank Card, Jamie's Fabrics receives an immediate de a three percent fee. With the United Merchants Card, Jamie's Fabrics mails the credit card sales Slips posit in its checking account when credit card sales slips are deposited at the bank. The bank charges to United Merchants' regional processing center each day. United Merchants accumulates these stap for two days and then mails a check to Jamie's Fabrics, after deducting a three percent fee. Prepan b. Prepare the en 3 journal entries to record the following: a. Sales for March 15 were as follows: Cash and checks Great American Bank Card (Deposited at the end of the day). United Merchants Card (Mailed at the end of the day). . $ 950 1,200 700 $2,850 b. Received a check for $1,900 from United Merchants on March 20. SA Mwa

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

Physics
1.2K views

In the complex Ni H O NH3 4 2 the magnetic moment u of Ni...

Biology
1.2K views

The bacterial enzyme streptokinase is used to digest fibrin in patients with atherosclerosis. Why doesn't the...

Biology
1.2K views

Question 2 of 10 Which sentence describes biochemical evidence that supports the theory of evolution...

Physics
1.2K views

to the current 1 5 m below the Two identical conducting wires AOB and COD...

Physics
1.2K views

A particle A moves along a circle of radius R 50 cm so that its...

Basic Math
1.2K views

Given NP 18 3 and OQ 36 5 find the area of rhombus NOPQ Round...

Basic Math
1.2K views

4 5 oints 01 15 26 Minstrel Manufacturing uses a job order costing system During...

Basic Math
1.2K views

Use the intercepts to graph the equation.x = -1x-intercept: Enter as a coordinate: such as...

Statistics
1.2K views

2 is produced by burning fossil fuels such as oil and natural gas and has...

Statistics
1.2K views

The following table gives the total number of live Christmas trees sold in millions in...

Accounting
1.2K views

Bramble Fire, Inc. manufactures steel cylinders and nozzles...

Accounting
1.2K views

On January 1, 2021, Yellow Company issued a 4% $100,000 bond for $92,000. The market...