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Topeka Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred.
Jan. 15 Made Topeka credit card sales totaling $18,000.(There were no balances prior to January 15.)20 Made Visa credit card sales (service charge fee 2%) totaling $4,300.Feb. 10 Collected $10,000 on Topeka credit card sales.15 Added finance charges of 1% to Topeka credit card balance. Instructions
(a) Journalize the transactions for Topeka Stores.
(b) Indicate the statement presentation of the financing charges and the credit card service charge expense for Topeka Stores.
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It takes Bradley Retailers 90 days on average to sell its inventory. The company began the year with $17,000 in inventory. Sales and cost of goods sold for the year amounted to $95,000 and $60,000, respectively.
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