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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.
Required:
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.
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