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Robin Corporation accepted credit cards for $34,200 of services performed in October 2011.The credit card company charged a 3% service fee and paid Robin as soon as it received the credit card receipts.
a) Prepare the general journal entry to record performance of the services.
b) Prepare the general journal entry for collection of the receivable from the credit card company.
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
explain the terms recording,classifying,summarizing and communicating
Assume you invest $150 per month in a stock. Stock prices are as follows: January $10.50, February $9.75, March $9.50, April $11.00, May $10.75, June $9.75, July $9.00, August $8.5
Terry Corporation had 300,000 shares of common stock outstanding at December 31, 2010. In addition, it had 90,000 stock options outstanding, which had been granted to certain execu
Q. Andy Eggers has invested $150,000 in a privately held family corporation. The corporation does not do well and must declare bankruptcy. What amount does Eggers stand to lose? a.
History of trust The following general information should be kept with the trust documents: Summary of will or trust deed; Short history of the trust; Trustees’ nam
explain the types of principles and concepts of financial accountin
The following information was taken from the ledger of Jefferson Industries, Inc.: Direct labor $85,000 Administrative expenses $59,0
What kinds of business ownership exist? Particular form of business ownership has significant implications for accounting purposes and so it's useful to be clear about the main
Illustration for preparing final accounts K Ltd established a branch in Arusha Tanzania on 1.1.X2, when Kshs 1 = TShs 15. PPE costing Kshs 800,000 were purchased on that day. I
I am unable to solve out this question. Can anyone suggest me how to solve this question.
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