If the schedule of accounts receivable total and the Accounts ...

[elizabeth18]

If the schedule of accounts receivable total and the Accounts Receivable balance total do not agree, a correcting entry is made to balance the two totals.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

The Magic Cow accepts MasterCard. A customer made a 10,000 purchase using MasterCard. MasterCard charges Magic Cow 4 of sales as a service fee. Prepare the entry to record the sale including account titles and amounts.
 
  Shareholders' equity
  Assets Liab. CC Retained earnings

[HandsomeMarc]

Answer to Question 1

False

Answer to Question 2

Shareholders' equity
Assets Liab. CC Retained earnings
+ 9,600 Accounts receivable - Mastercard +10,000 Sales
(400) Credit card expense

[elizabeth18]

Thanks for the timely response, appreciate it

[alvinum]

Excellent