chapter 9 key

chapter 9 key - Chapter 9 Exercise 9-1 (20 minutes) Apr. 8...

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Chapter 9 Exercise 9-1 (20 minutes) Apr. 8 Cash 8,064 Credit Card Expense*. ....................................... 336 Sales. ............................................................ 8,400 To record credit card sales less 4% fee. *($8,400 x .04) 8 Cost of Goods Sold. .......................................... 6,000 Merchandise Inventory. .............................. 6,000 To record cost of sales. 12 Accounts Receivable—Continental. ................ 5,460 Credit Card Expense*. ....................................... 140 Sales. .............................................................. 5,600 To record credit card sales less 2.5% fee. *($5,600 x .025) 12 Cost of Goods Sold. .......................................... 3,500 Merchandise Inventory. .............................. 3,500 To record cost of sales. 20 Cash. ................................................................... 5,460 Accounts Receivable—Continental. ............. 5,460 To record cash received on credit sales less fees. Exercise 9-3 (20 minutes) Dec. 31 Bad Debts Expense. .............................................. 4,875 Allowance for Doubtful Accounts. ................. 4,875 To record estimated bad debts expense (.005 x $975,000). Feb. 1 Allowance for Doubtful Accounts. ...................... 580 Accounts Receivable—P. Park. ..................... 580 To write off an account. June 5 Accounts Receivable—P. Park. ........................... 580 Allowance for Doubtful Accounts. ................. 580 To reinstate an account. June 5 Cash. ...................................................................... 580
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Accounts Receivable—P. Park. ..................... 580 To record cash received on account. Exercise 9-4 (15 minutes)
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This note was uploaded on 07/11/2011 for the course ECON 101 taught by Professor D during the Fall '11 term at Troy Dothan.

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chapter 9 key - Chapter 9 Exercise 9-1 (20 minutes) Apr. 8...

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