Reference no: EM132956423
Cullumber Garage Co. accepts the following forms of payment: Visa, MasterCard, the Cullumber Garage Co. credit card, and debit. Cullumber is charged 3.50% for all bank credit card transactions and $0.50 per transaction for all debit card transactions. Cullumber charges 14.25% interest on balances owing on the Cullumber Garage Co. credit card.
In October and November 2021, the following summary transactions occurred (note: there is no right of return for the sale of services; therefore, a refund liability entry is not necessary in this question):
Oct. 15 Performed services totalling $17,200 for customers who used the Cullumber Garage Co. credit card for payment.
20 Performed services totalling $7,000 to customers who used Visa credit cards.
30 Performed services totalling $1,500 on account, terms, n/30.
31 Performed services totalling $5,200 for customers who used debit cards (100 transactions).
Nov. 15 Collected amounts owing from October 15 transactions.
Problem 1: Record the above transactions for Cullumber Garage Co.
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