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Author Question: The Multiplex Mart accepts VISA. During March, 140,000 in credit card sales were made. VISA charges ... (Read 92 times)

c0205847

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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


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triiciiaa

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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

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

bulacsom

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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