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sveticcg [70]
3 years ago
14

On July 4, Cullumber's Restaurant accepts a Visa card for a $1,350 dinner bill. Visa charges a 2% service fee. Prepare the entry

on Cullumber’s books related to the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
Thepotemich [5.8K]3 years ago
3 0

Answer:

Journal entry

Explanation:

The journal entry is as follows

Cash      $1,323

Service charge expense ($1,350 × 2%) $27

               To    Sales Revenue  $1,350

(Being the cash is recorded)

for recording this transaction we debited the cash and expenses as it increase both balances while at the same time the sales revenue is also increased so it is credited

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In a Chapter 11 bankruptcy, a class of creditors is considered to have accepted the bankruptcy plan when: Group of answer choice
anygoal [31]

Answer:

In a Chapter 11 bankruptcy, a class of creditors is considered to have accepted the bankruptcy plan when:

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Explanation:

In a Chapter 7 bankruptcy, the business assets are liquidated to pay the creditors.  In a Chapter 11 bankruptcy, the business assets are not liquidated.  Instead, the business is refinanced as the assets and debts are reorganized, making it possible for the continued existence of the business.  This is the reason the agreement of the creditors are usually paramount in the decision to undergo a Chapter 11 bankruptcy, unlike a Chapter 7 bankruptcy.

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What is outstanding credit card debt?​
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6 0
3 years ago
On January 1, 2017, the merchandise inventory of Glaus, Inc. was $1,600,000. During 2017 Glaus purchased $3,200,000 of merchandi
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Answer: $1,800,000

Explanation:

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The answer is $1,800,000.

8 0
2 years ago
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mars1129 [50]

Answer:

the answer is B.)

Explanation:

3 0
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The purpose of the work opportunity tax credit is to encourage employers to hire individuals from specified target groups tradit
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Answer:

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5 0
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