Journalize the transactions for newman stores

Assignment Help Financial Accounting
Reference no: EM132421048

Question: Newman Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred.

Jan. 15 Made Newman credit card sales totaling $27,000. (There were no balances prior to January 15.)

20 Made Visa credit card sales (service charge fee 2%) totaling $7,500.

Feb. 10 Collected $12,000 on Newman credit card sales.

15 Added finance charges of 1% to Newman credit card balance.


Question 1: Journalize the transactions for Newman Stores.

Question 2: Indicate the statement presentation of the financing charges and the credit card service charge expense for Newman Stores.

Reference no: EM132421048


Write a Review


Financial Accounting Questions & Answers

  Identify balance sheet accounts that josh will likely need

Identify balance sheet accounts that Josh will likely need to record the transactions needed to open his business. Indicate whether the normal balance of each account is a debit or credit.

  What risk factors should bob be most concerned

Complete a financial analysis of Longs Jewelers including a cash flow statement and ratio analysis and discuss your findings.

  Square footage requirements and effective utilization

Square footage requirements and effective utilization - If you're new strip mall will have 15,000 square feet of retail space available to be leased, to which businesses should you lease and why?

  Determine balances of the partners capital accounts

Abbey is to receive an annual interest allowance of 10% of their beginning-year capital investment, and any REMAINING income or loss is to be shared equally. Determine balances of the partners CAPITAL accounts as of December 31, 2011

  The real risk-free rate of return

You read in The Wall Street Journal that 30-day T-bills are currently yielding 5 percent. Your brother-in-law, a broker at Kyoto Securities, has given you the following estimates of current interest rate pre­miums: On the basis of these data, the rea..

  Accounts receivable turnover

Company A reported sales during the year of $1,000,000. Its average accounts receivable balance during the year was $250,000. Company B reported sales during the same year of $400,000 and had an average accounts receivable balance of $40,000.

  Stockholders equity section of the balance sheet

The stockholders’ equity section of Nilsson Corporation’s balance sheet as of December 31, 2014 is as follows: Make all necessary journal entries for Nilsson to account for the transactions affecting stockholders’ equity. Prepare the December 31, 201..

  Stocked in finished goods inventory

The management of the Ajax Manufacturing Company realizes it is over stocked in finished goods inventory. What ratio would reveal this fact? The management of the Ajax Manufacturing Company realizes that it has a problem collecting accounts receivabl..

  Columnar form of the partnership realization and liquidation

Nelson, Parker, and Rice are partners who share profits 4:3:3, respectively. Parker decides that it would be more profitable for him to operate as a sole proprietor. Nelson and Rice are in agreement that life would be more rewarding if Parker were to..

  No journal entry required in first account field

Austin, Inc., acquired 10 percent of McKenzie Corporation on January 1, 2014, for $320,600 although McKenzie’s book value on that date was $2,100,000. McKenzie held land that was undervalued by $116,000 on its accounting records. Prepare all of the 2..

  Determine her deductions and credits

Determine her deductions and credits allowed and the suspended credits and losses.

  Financial statements using horizontal statements model

Copy Express Inc. began the 2014 accounting period with $7,500 cash, $4,500 of common stock, and $3,000 of retained earnings. Show the effects of the events on the financial statements using a horizontal statements model given below. In the Cash Flow..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd