Case study of wild flowers

Assignment Help Accounting Basics

Reference no: EM13259434

Wild's Flowers sells $400 of flowers for a wedding and the customer pays with a bank credit card (e.g., VISA). Wild's Flowers must pay 3% to the credit card company for credit card transactions. Which one of the following statement is correct (true) with respect to the recording of this sale on the books of Wild's Flowers?

a) Sales is debited $400

b) Sales is credited $388.

c) Credit Card Discounts is debited $12.

d) Sales Discounts is debited $12.

Reference no: EM13259434

Questions Cloud

Accounting system entry : Famous Frames Company purchased office equipment on January 1,2007 for $10,000. Its annual depreciation was computed as $1,000.To record the depreciation for 2007, the accounting system entry should be which of the following?

What is the angular velocity of the flywheel : One possibility for a low-pollution automobile is for it to use energy stored in a heavy rotating flywheel. What is the angular velocity of the flywheel when it has a full "energy charge"

Account of the foreign entity : A us company's foreign subsidiary has as its functional currency the local currency. year- end financial statements are being consolidated. the average rate would be used for which account of the foreign entity?

Design a 0-1-2-3-0 counter circuit using flip flops : Design a 0-1-2-3-0 counter circuit using flip flops. Flip flop A (most significant bit) is to be a T flip flop and Flip Flop B (leats significant bit) is to be a D flip flop.

Case study of wild flowers : Wild's Flowers sells $400 of flowers for a wedding and the customer pays with a bank credit card (e.g., VISA). Wild's Flowers must pay 3% to the credit card company for credit card transactions.

Fund-raising campaign : Radio, TV, and newspaper advertising related to a special fund-raising campaign ran during May. The 7,550 costhad been paid in April.

What amount of cash will be made available for other uses : What net benefit (cost) will the firm realize if it adopts the lockbox system? Should it adopt the propsed lockbox system?

In what ways does-research survey questions tend rates : In what ways doesresearch survey questions tend to enhance response rates while limiting errors in the data collected?

Find intrinsic value by discounting each annual : Find intrinsic value by discounting each annual dividend by (1+k)^n where n=number of years, summing them and adding the price in step 3 discounted by (1+k)^4.

User Account

All Pages