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L04 Exercise 7-9 Credit Card Sales EXAMPLE 7-8 Darlene's Diner accepts American Express credit cards from its customers. Darlene's is closed on Sundays and on that day records the weekly sales and remits the credit card receipts to Ameri- can Express. For the week ending on Sunday, June 12, cash sales totaled $2,430 and credit card sales amounted to $3,500. On June 15, Darlene's received $3,360 from American Express as payment for the credit card receipts. Prepare the necessary journal entries on June 12 and June 15. As a percentage, what collection fee is American Express charging Darlene's? LOS EXAMPLE 7-10 Jan. 1: Exercise 7-12 Purchase and Sale of Bonds Starship Enterprises enters into the following sactions during 2016 and 2017: 2016 Purchased $100,000 face value of Northern Lights Inc, bonds at face value. The newly issued bonds have an interest rate of 8% paid semiannually on June 30 and December 31. The bonds mature in five years. 30: Received interest on the Northern Lights Inc, bonds. Dec 31: Received interest on the Northern Lights Inc, bonds. Show me how 2017 Tan. 1: Sold the Northern Lights Inc, bonds for $102.000. Required 1. Prepare all necessary journal entries on Starship's records to account for its investment in the Northern Lights bonds. 2. Why was Starship able to sell its Northern Lights bonds for $102,000

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