Please answer.

Credit Card Sales Historically, 60 percent of the customer bills at the Andrews' Supper Club have been paid with cash or check, and 40 percent have been paid using either the Great American Bank Card or the United Merchants Card. Andrews pays a 4% fee with both cards. Great American Bank deposits cash in Andrews' checking account when the credit card sales slips are deposited. United Merchants makes an electronic funds transfer three days after the sales slips are mailed. Prepare journal entries to record the following:

Round to the nearest dollar.

a. Sales for September 10 were as follows:

Cash and checks $43,500

Great American Bank Card (Deposited at the end of the day) 18,270

United Merchants Card (Mailed at the end of the day) 16,530

$78,300

b. On September 13, Andrews received an electronic funds transfer from

United Merchants for the September 10 sales.

a.

General Journal

Date Description Debit Credit

Sept.10 Cash $Answer $Answer

AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue Answer Answer

Credit Card Fee Expense Answer Answer

AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue Answer Answer

To record cash and credit card sales.

b.

General Journal

Date Description Debit Credit

Sept.13 AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue $Answer $Answer

AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue Answer Answer

To record receipt of check from United Merchants.

Question

Please answer.

Credit Card Sales Historically, 60 percent of the customer bills at the Andrews' Supper Club have been paid with cash or check, and 40 percent have been paid using either the Great American Bank Card or the United Merchants Card. Andrews pays a 4% fee with both cards. Great American Bank deposits cash in Andrews' checking account when the credit card sales slips are deposited. United Merchants makes an electronic funds transfer three days after the sales slips are mailed. Prepare journal entries to record the following:

Round to the nearest dollar.

a.	Sales for September 10 were as follows:
	Cash and checks	$43,500
	Great American Bank Card (Deposited at the end of the day)	18,270
	United Merchants Card (Mailed at the end of the day)	16,530
		$78,300

b.	On September 13, Andrews received an electronic funds transfer from
	United Merchants for the September 10 sales.

a.

General Journal
Date	Description	Debit	Credit
Sept.10	Cash	$Answer	$Answer
	AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue	Answer	Answer
	Credit Card Fee Expense	Answer	Answer
	AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue	Answer	Answer
	To record cash and credit card sales.

b.

General Journal
Date	Description	Debit	Credit
Sept.13	AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue	$Answer	$Answer
	AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue	Answer	Answer
	To record receipt of check from United Merchants.

a.	Sales for March 15 were as follows:
	Cash and checks	$1,000
	Great American Bank Card (Deposited at the end of the day)	1,200
	United Merchants Card (Mailed at the end of the day)	800
		$3,000

b.	Received a check from United Merchants on March 20 for:	$5,078

General Journal
Date	Description	Debit	Credit
Mar.15	Cash	$Answer Incorrect 0.00 points out of 1.00	$Answer Correct 1.00 points out of 1.00
	Accounts Receivable - United Merchants	Answer Incorrect 0.00 points out of 1.00	Answer Correct 1.00 points out of 1.00
	AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue Correct 1.00 points out of 1.00	Answer Incorrect 0.00 points out of 1.00	Answer Correct 1.00 points out of 1.00
	AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue Correct 1.00 points out of 1.00	Answer Correct 1.00 points out of 1.00	Answer Incorrect 0.00 points out of 1.00
	To record cash and credit card sales.

General Journal
Date	Description	Debit	Credit
Mar.20	AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue Correct 1.00 points out of 1.00	$Answer Incorrect 0.00 points out of 1.00	$Answer Correct 1.00 points out of 1.00
	AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue Correct 1.00 points out of 1.00	Answer Correct 1.00 points out of 1.00	Answer Correct 1.00 points out of 1.00
	To record receipt of check from United Merchants.

a.	Sales for March 15 were as follows:
	Cash and checks	$1,650
	Great American Bank Card (Deposited at the end of the day)	2,000
	United Merchants Card (Mailed at the end of the day)	1,500
		$5,150

b.	Received a check from United Merchants on March 20 for:	$5,888

General Journal
Date	Description	Debit	Credit
Mar.15	Cash	$Answer Incorrect 0.00 points out of 1.00	$Answer Correct 1.00 points out of 1.00
	AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue Correct 1.00 points out of 1.00	Answer Incorrect 0.00 points out of 1.00	Answer Correct 1.00 points out of 1.00
	Credit Card Fee Expense	Answer Correct 1.00 points out of 1.00	Answer Correct 1.00 points out of 1.00
	AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue Correct 1.00 points out of 1.00	Answer Correct 1.00 points out of 1.00	Answer Correct 1.00 points out of 1.00
	To record cash and credit card sales.

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