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ikadub [295]
3 years ago
14

Jarrod's Meat Shop doubles as a butcher shop and a sandwich shop that sells to both individuals and a nearby hospital system. On

a particular day, Jarrod's had cash sales of $450, credit sales of $600, sales on MasterCard of $657, and sales on Visa of $923. The sales on credit cards incur merchant charges of 1.6% for MasterCard and 1.9% for Visa.
Required:
Prepare a journal entry to record these sales.
Business
1 answer:
ASHA 777 [7]3 years ago
5 0

Answer:

Commission on Master card = 657*1.6%

Commission on Master card = $10.51

Commission on Visa = 923*1.9%

Commission on Visa = $17.54

Bank = $657 + $923 - $10.51 - $17.54

Bank = $1,551.95

Date   Journal entry                    Debit       Credit

          Cash A/C                          $450

          Account Receivables      $600

          Bank A/C                          $1,551.95

          ($646.49+$905.46)

          Commission A/C              $28.05

          ($10.51+$17.54)

                   To Sales A/C                             $2,630

                   ($450+$600+$657+$923)

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Answer:

$174

Explanation:

The computation of the cost of goods sold is shown below:

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By adding the purchase of merchandise and deducting the ending inventory from the opening inventory we can get the cost of goods sold and the same is to be applied

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3 0
2 years ago
Prior to adjustment at August 31, Salary Expense has a debit balance of $322,200. Salaries owed but not paid as of the same date
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Explanation:

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          To salaries payable                $2,550

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hope it helps!

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