1 answer

AP-24A Inventory: Merchandising Transactions Chapte AP-24A LO 3 chidey's Wraps operates as a sandwich and wrap...

Question:

AP-24A
Inventory: Merchandising Transactions Chapte AP-24A LO 3 chideys Wraps operates as a sandwich and wrap shop. Its customers c
Inventory: Merchandising Transactions Chapte AP-24A LO 3 chidey's Wraps operates as a sandwich and wrap shop. Its customers can pay by cash, debit or credit card. Fo each debit transaction, Shirley pays $0.20. For credit cards, she pays 2% of the total of credit card transaction On May 13, 2018, Shirley compiled the following summary for the work day. Transaction Type Total Number of Transactions Cash $425 Debit Card 327 Credit Card 0 Required a) Calculate the total debit/credit card expense for May 13. b) Record the journal entry for the day's sales. (Ignore COGS.) Debit Credit Date Account Title and Explanation AP-25A LO 3 Metaurant. Its customers can pay by cash, debit or credit card. For each debit nenntinne On March

Answers

a.)

Total Debit Card Expense = Number of debit card transactions x $0.20 = 43 x $0.20 = $8.60 Total Credit Card Expense $0.00 Tot

b.)

Date Account Title and Explanation Debit Credit 13-May-18 Cash Bank Debit Card Expense Sales (Being cash sales and debit card

.

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