Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. peter restaurants accepts credit and debit cards a

Peter Restaurants accepts credit and debit cards as forms of payment. Assume Peter had $11,000...

80.2K

Verified Solution

Question

Accounting

image

Peter Restaurants accepts credit and debit cards as forms of payment. Assume Peter had $11,000 of credit and debit card sales on April 30, 2015. 1. Suppose Peter's processor charges a 1% fee and deposits sales net of the fee. Journalize the sale transaction for the restaurant. 2. Suppose Peter's processor charges a 1% fee and deposits sales using the gross method. Journalize the sale transaction for the restaurant. Journalize the sale transaction net of the fee for the restaurant. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Credit Date Debit Apr. 30

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