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Novay_Z [31]
3 years ago
10

Paci Restaurants accepts credit and debit cards as forms of payment. Assume Paci had $14, 000 of credit and debit card sales on

April 30, 2015.1. Suppose Paci's processor charges a 3​% fee and deposits sales net of the fee. Journalize the sale transaction for the restaurant. 2. Suppose Paci​'s processor charges a 3​% fee and deposits sales using the gross method. Journalize the sale transaction for the restaurant.
Business
1 answer:
vivado [14]3 years ago
8 0

Answer:

1) assuming that the credit card company's payments are immediate (1 business day)

April 30,2015, net credit and debit card sales

Dr Cash 13,580

    Cr Sales revenue 13,580

2) assuming that the credit card company's payments are immediate (1 business day)

April 30,2015, gross credit and debit card sales

Dr Cash 13,580

Dr Credit card fees 420

    Cr Sales revenue 14,000

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On December 31, 2020, Wayne, Inc. sold $4,000,000 (face value) of bonds. The bonds are dated December 30, 2020, pay interest ann
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Answer:

Wayne, Inc.

1. The stated interest rate for this bond issue is:

= 8%.

2. The market interest rate for this bond issue is:

= 9%.

3. The selling price of the bonds as a percentage of the face value is 97.5% ($3,900,000/$4,000,000 * 100)

4. Journal Entry to record the sale of the bond issue on December 31, 2020:

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Debit Bonds Discounts $100,000

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To record the bonds proceeds, discounts, and liability.

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Explanation:

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Face value of bonds = $4,000,000

Bonds price = $3,900,000

Discount =   $100,000

December 31, 2021:

Interest expense = $351,000

Market interest rate = $351,000/$3,900,000 * 100 = 9%

Cash payment =     $320,000

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