Reference no: EM13504757
Bishop Supply Company had the following transactions in 2012:
1. Acquired $60,000 cash from the issue of common stock.
2. Purchased $180,000 of merchandise for cash in 2012.
3. Sold merchandise that cost $110,000 for $200,000 during the year under the following terms:
$ 50,000 Cash sales
140,000 Credit card sales (The credit card company charges a 3 percent service fee.)
10,000 Sales on account
4. Collected all of the accounts receivable from the credit card company.
5. Collected $9,200 of accounts receivable.
6. Paid selling and administrative expenses of $46,000.
7. Determined that 5 percent of the ending accounts receivable balance would be uncollectible.
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