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Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, Levine receives an immediate credit to its account when it deposits sales receipts. Suntrust assesses a 4% service charge for credit card sales. The second credit card that Levine accepts is the Continental Card. Levine sends its accumulated receipts to Continental on a weekly basis and is paid by Continental about a week later. Continental assesses a 2.5% charge on sales for using its card. Apr. 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. The Suntrust receipts are immediately deposited in Levine's bank account. 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Transferred $5,600 of credit card receipts to Continental, requesting payment. 20 Received Continental's check for the April 12 billing, less the service charge.
Prepare journal entries to record the above selected credit card transactions of Levine Company.
1. the net present value capital budgeting method considers all estimated cash flows for the projects expected life.
Top company holds 90% of Bottom Company's common stock. In current year, Top reports sales of $800,000 and Cost of Goods sold of $600,000. For this sam period,
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the accounting equation is used to make the organizations financial reports. 1 explain what liabilities value would be
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It is used 100% of the time for business and it is the only business asset acquired by Norm during 2010. Compute the maximum deduction with respect to the SUV for 2010. If Congress reenacts additional first-year depreciation for 2010, Norm elects ..
Really Welcome, Inc., a tax exempt organization, receives 30% of its support from disqualified persons. Another disqualified person has agreed to match this support if Really Welcome will appoint him to the organization's board of directors. What ..
Identify similarities in and differences between two sets of economic phenomena - Having information available to users before it loses its capacity to influence decisions.
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