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Author Question: If the schedule of accounts receivable total and the Accounts Receivable balance total do not agree, ... (Read 287 times)

elizabeth18

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on: Jul 5, 2018
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


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HandsomeMarc

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Reply #1 on: Jul 5, 2018
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

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Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

covalentbond

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Reply 3 on: Yesterday
Excellent

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