Accounting for credit card sales

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Accounting for Credit Card Sales

On July 20, Wolverine presents credit card receipts to its bank in the amount of $10,000; the collection charge is 4%. Prepare the journal entry on Wolverine's books on July 20, the date of deposit.

Accounting for Sale of Stock

On March 5, Spartan sold stock in another company for $12,300. Spartan bought the stock on February 14 for $10,100. Prepare the journal entry on Spartan's books on March 5.

Reference no: EM13954192

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Accounting for credit card sales : On July 20, Wolverine presents credit card receipts to its bank in the amount of $10,000; the collection charge is 4%. Prepare the journal entry on Wolverine's books on July 20, the date of deposit.

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