help in homework

New User?

Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / Leslie and Ben run a dry cleaners together, called Pawny Cleaners

Leslie and Ben run a dry cleaners together, called Pawny Cleaners

Accounting

Leslie and Ben run a dry cleaners together, called Pawny Cleaners. Their customers can pay by cash, debit or credit card. For each debit transaction, they pay $0.15. For credit cards, they pay 4.0% of the total of credit card transactions. On November 6, 2019, Ben compiled the following summary for the work day.

total of Cash$720 and number fo transaction is 35

Total of Debit Card$4330 and number of transaction is 122

total of Credit Card$2400 and number of transaction is65

a) Record the journal entry for the day's sales ignoring cost of goods sold.

b) cash, Debit/ Credit Card Expense, and sales Revenue?

pur-new-sol

Purchase A New Answer

Custom new solution created by our subject matter experts

GET A QUOTE

Answer Preview

Computation of Total of Debit/Credit Card Expenses:

Debit Card Expenses (122*$0.15) = $18.30

Credit Card Expenses (2,400*4%) = $96

Total of Debit/Credit Card Expenses = $18.30+$96 = $114.30

 

Journal Entry:    
Date Account Titles and Explanation Debit Credit
Aug-22 Cash 7335.7  
  Debit/Credit Card Expenses 114.30  
      Service Revenue ($720+$4,330+$2,400)   7450
  (To record days sales)    

Sitejabber (5.0)

BBC (5.0)

Trustpilot (4.9)

Google (5.0)