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Presented below are three independent situations
Presented below are three independent situations.
Oe March 15i 40 customers used debit cards re Purchase merchandise fur a total er $8,000 rreui Crane Tow, Crane Town pays a $1.45 debit card fee for each transaction. 2. On June 21, Blue Creations Gallery sells a painting to Constance Furrow for $2,000. Constance uses her Visa bank credit card to pay for the purchase.The bank charges Blue Creations a 296 fee for all credit card transactions. On July 17, Constance receives her Visa bill and pays for this purchase. S. On October 7,A. Ram. uses his store credit .rd to purchase merchandise f rom The Larkspur for WO. On November 10, Ramos receives his credit card bill from The Larkspur and pays for this purchase.
Expert Solution
| Requirement a: | |||
| Date | Account title and explanation | Debit | Credit |
| Mar-15 | Cash | $7,942 | |
| Card Fee Expense (40 transactions * $1.45) | $58 | ||
| Sales revenue | $8,000 | ||
| [To record debit card sales] | |||
| Requirement b: | |||
| Date | Account title and explanation | Debit | Credit |
| Jun-21 | Cash | $1,960 | |
| Card Fee Expense (2000 * 2.0%) | $40 | ||
| Sales | $2,000 | ||
| [To record credit card sales] | |||
| Requirement c: | |||
| Date | Account title and explanation | Debit | Credit |
| Oct-07 | Accounts Receivable | $650 | |
| Sales Revenue | $650 | ||
| [To record store credit card purchase] | |||
| Nov-10 | Cash | $650 | |
| Accounts Receivable | $650 | ||
| [To record payment received from Ramos] |
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