Exercise 8-9 Colaw Stores accepts both its own and national credit cards. During
ID: 2446147 • Letter: E
Question
Exercise 8-9 Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred. Jan. 15 Made Colaw credit card sales totaling $22,200. (There were no balances prior to January 15.) 20 Made Visa credit card sales (service charge fee 4%) totaling $6,300. Feb. 10 Collected $11,600 on Colaw credit card sales. 15 Added finance charges of 3.5% to Colaw credit card account balances. Journalize the transactions for Colaw Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 20
Date
Account Titles and Explanation
Debit
Credit
Jan. 20
Date
Account Titles and Explanation
Debit
Credit
Jan. 15Jan. 20Feb. 10Feb. 15
Jan. 20
Jan. 15Jan. 20Feb. 10Feb. 15
Jan. 15Jan. 20Feb. 10Feb. 15
Explanation / Answer
Date Account Titles Debit Credit Jan-15 Colaw Credit Card 22200 Sales 22200 Jan-20 Visa Credit Card 6300 Sales 6300 Jan-20 Service Charge 252 Visa Credit Card 252 Feb-10 Colaw Credit Card 11600 Sales 11600 Feb-15 Colaw Credit Card 1183 Finance Charges 1183
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