This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The Multiplex Mart accepts VISA. During March, 140,000 in credit card sales were made. VISA charges ... (Read 82 times)

c0205847

  • Hero Member
  • *****
  • Posts: 531
on: Jul 5, 2018
The Multiplex Mart accepts VISA. During March, 140,000 in credit card sales were made. VISA charges 3 of sales as its service fee. Prepare the entry to record the credit card sales. Include the account titles and amounts.
 
  Shareholders' equity
  Assets Liab. CC Retained earnings

Question 2

An element of internal control is
 a. risk assessment
  b. journals
  c. subsidiary ledgers
  d. controlling accounts


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

triiciiaa

  • Sr. Member
  • ****
  • Posts: 349
Reply #1 on: Jul 5, 2018
Answer to Question 1

Shareholders' equity
Assets Liab. CC Retained earnings
+ 135,800 Accounts receivable - VISA + 140,000 Sales
(4,200) Credit card expense

Answer to Question 2

a


c0205847

  • Member
  • Posts: 531
Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

recede

  • Member
  • Posts: 315
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

All patients with hyperparathyroidism will develop osteoporosis. The parathyroid glands maintain blood calcium within the normal range. All patients with this disease will continue to lose calcium from their bones every day, and there is no way to prevent the development of osteoporosis as a result.

Did you know?

In the United States, congenital cytomegalovirus causes one child to become disabled almost every hour. CMV is the leading preventable viral cause of development disability in newborns. These disabilities include hearing or vision loss, and cerebral palsy.

Did you know?

Medication errors are three times higher among children and infants than with adults.

Did you know?

The calories found in one piece of cherry cheesecake could light a 60-watt light bulb for 1.5 hours.

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

California ground squirrel (Spermophilus beecheyi) in the man-made rocky shoreline of the Berkeley M California ground squirrel (Spermophilus beecheyi) in the man-made rocky shoreline of the Berkeley M
Made over Made better Made over Made better
Foods made with fat substitutes aren’t calorie free Foods made with fat substitutes aren’t calorie free
Proteins Are Made of Amino Acids Proteins Are Made of Amino Acids
Card Deck Card Deck
1.6 Organisms are made up of cells, each of which contains an identical set of genes. 1.6 Organisms are made up of cells, each of which contains an identical set of genes.
Video: Digestion Animation

For a complete list of videos, visit our video library