P. jameson co. sold $500 of merchandise on master card credit sales. the net cash receipts from the sale are immediately deposited

P. jameson co. sold $500 of merchandise on master card credit sales. the net cash receipts from the sale are immediately deposited in the seller's bank account. master card charges a 4% fee. the journal entry to record this sales transaction would include a:

Answers

The journal entry would be as follows:

Account                                  Debit           Credit

Cash                                       $480

Sales Revenue                                           $500

Credit Card Expense                                 $20

The Credit Card Expense corresponds to the 4% fee that Master Card charged P. Jameson Co. ($500 x 20% = $20)

A, Debit Cash of $180 and Credit sales of $180.

Explanation:

The above transaction is due to the fact that MacKenzie company is the company that made the sales.

$10,000 for 180days promissory note @ 9%. Since the 9% is an annual rate and the loan is for 180day we calculate thus:

10,000*9/2 = 10,000 * 4.5%=$ 10,450

39,000 Explanation:

FOB shipping point. The goods cost Troy $26,130.

Balance Dr side, Cash column $2,850, Bank column $4,030

Balance Cr side, cash column $2,850 Bank column $4,030

Balance C/d Dr side Cash column $415, Balance C/d Cr side Bank column $2,255

Balance B/d Dr side Bank column$2,255, Balance B/d Cr side Cash column $415

Explanation:

Double Column Cash Book

March 1 Balance : Cash Dr $1,450, Bank Dr$ 1,500

March 2 Mark Bank Cr $120

March 4 John Bank Dr $400

March 5 Bank Dr $400

March 8 stationery Cash Cr$ 25

March 12 merchandise Cash Cr $1,800

March 15 Cash contra entry Bank Dr $850, Cash Cr$850

March 17 withdrawal contra entry Cash Dr $40, Bank Cr $40

March 19 merchandise Bank Cr $630

March 20 withdrawal contra entry Cash Dr $150, Bank Cr $150

March 22 Cash Bank Dr $880

March 25 Bank Bank Cr $270

March 26 Furniture Cash Cr $175

March 28 Office Rent Bank Cr $120

March 29 Sales Cash Dr $650

March 30. Bank contra entry Cash Dr $145, Cash Bank Cr $145

March 31 Salary Bank Cr $300

Balance Cash column Dr side $2,850, Bank column Dr side $4,030

Balance Cash column Cr side $2,850, Bank column Cr side $4,030

Balance carried down Cash column Dr side $415, Balance carried down Bank column Cr side $2,255

Balance Brought down Bank column Dr side $2,255, Balance Brought down Cash column $415

Ledger entry

Capital Account : Cr $ 2,950 ( cash balance + bank balance)

Sales Account Cash Cr $650

Purchase Account : stationery Dr $25,Merchandise Dr $1,800, Merchandise Dr $630 Total $2,455

Bank Account Dr side Mark and co $120, Office Rent $120, Salary $300, Daniel Inc $270 Total $2,530,Balance carried down $1,720

Bank Account Cr side John $400, Bank $400,Peter and co $880,Cash $850 Total $2,530

Drawing Account : withdrawal Dr$40, withdrawal Dr $150, withdrawal Dr $145 Total $335

Cash Account :withdrawal Cr $40, withdrawal Cr $150, withdrawal Cr $145

Furniture Account : Cash $175

d. Debit Cash $172.80; debit Credit Card Expense $7.20 and credit Sales $180.

Explanation:

Credit card expense = 180*4% = $7.20

Debit Accounts Receivable—Regional $172.80; debit Credit Card Expense $7.20 and credit Sales $180.

Debit Cash $172.80; debit Credit Card Expense $7.20 and credit Sales $180

$10,450

Explanation:

The journal entry is as follows

Cash Dr $172.80  

Credit card expenses Dr $7.20       ($180 × 4%)

        To Sales revenue $180

(Being the sale transaction is recorded)

The total amount paid at maturity is  

= Borrowed amount + Borrowed amount × rate of interest × number of days ÷ total number of days  

= $10,000 + $10,000 × 9% × 180 days ÷ 360 days

= $10,000 + $450

= $10,450

Debit to Cash for 480 Debit to Credit Card Expense for 20 Credit to sales for 500 is the correct answer.

Explanation:

Explanation:

What is the journal entry for cash sales deposited to bank?

The transaction can be treated in two ways depending on its condition

1 if the cash proceeds received before deposited to the bank

Debit Cash Account and credit sales Account

Debit Bank Account and Credit Cash Account

2 if the proceeds is deposited directly to the bank

Debit Bank Account and Credit Sales Account

the 2nd method will hold since the money is directly paid to the Bank and the cash account is not in any means affected

If u sale goods on cash & if u deposited cash on bank on the same day.. Then u can simply pass following journal entry:

Bank A/c Dr.

To sales A/c

If u deposit cash on another day of sale made then u have to pass to entries

1 Sale made,

Cash A/c Dr

To sale A/c

2 cash deposited into bank.

Bank A/c Dr.

To cash A/c

Two journal entries here -

Journal 1 - Debit Undeposited Funds (or Cash Received if you have an Asset account set up under this kind of name)/Credit Income Account (whatever your Income account is in your chart) - this highlights that you have sold something and the buyer has paid you cash for it (which is currently “sitting in your pocket” so to speak).

Journal 2 - Credit Undeposited Funds (or Cash Received)/Debit Bank Account - this highlights that you have taken the cash “out of your pocket” and put it in to your bank account.

I hope this helps.

What is the journal entry for cash sales of Rs. 15,000 which Rs. 12,000 was deposited in the bank the next day?

If there is a transaction (cash sales and received a ₹1000 cheque for it), what will be the entry in the cash book? Why?

I deposited Rs. 5000 in a bank. What is a journal entry?

The entry for cash sales will be: Cash a/c Dr. and sales a/c Cr.

The entry for cash deposit into bank will be: Bank a/c Dr. and Cash a/c Cr.

First of all, you are talking about a regular transaction, not a journal entry. Journal entries are more like accruals, depreciation, corrections, etc.

The entry is as follows:

Debit Cash $500

Credit Sales $500

To record cash sales.

There are 2 transactions here

On selling/ receiving the cash:

Dr. Cash account ledger

Cr. Sales account ledger

2. On banking the cash:

Dr. Bank account ledger

Cr. Cash account ledger

Generally, cash would be debited, and if something is sold on credit, a receivable would be credited. Cash sales would debit cash, and credit sales.

while it is dangerous in term of internal control receiving payment in cash. but the journal should be

Db cash

CR account receivable

then transfer to bank

Db bank

Cr cash

Sales revenue for $500

Explanation:

The journal entry is shown below:

Account receivable Dr $490

Credit card expense Dr $10

                     To Sales revenue $500

(Being the sale transaction is recorded)

The account receivable  is computed below:

= Sales revenue - sales revenue × fee percentage given

= $500 - $500 × 2%

= $500 - $10

= $490

And, the credit card expense is

= Sales revenue × fee percentage given

=  $500 × 2%

= $10

The correct answer is e. Debit cash $295.50; Credit card expense $4.50 and credit sales $300.

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