Prepare entry on ritz company books to record sale

Assignment Help Financial Accounting
Reference no: EM13139581

On May 10 Ritz Company sold merchandise for $6,000 and accepted the customer's First Business Bank MasterCard. At the end of the day, the First Business Bank MasterCard receipts were deposited in the company's bank account. First Business Bank charges a 3.5% service charge for credit card sales.

Prepare the entry on Ritz Company's books to record the sale of merchandise. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Reference no: EM13139581

Questions Cloud

Which sex chromosomes are present in a normal hen : Which sex chromosomes are present in a normal hen? Which ones are present in a normal rooster?
Why do taxpayers have to recapture depreciation : Why do taxpayers have to recapture depreciation on depreciable assets sold at a gain? To which assets do the Section 1245 and 1250 recapture provisions apply?
Evidence that population mean is above by level significance : Using the 0.05 level of significance, is there evidence that the population mean is above $300? What is your answer in (a) if s = $90 and the 0.10 level of significance is used?
What do you suggest the willma do : She believes that stock is going to increase more in value, so she does not really want to sell it. What do you suggest the Willma do?
Prepare entry on ritz company books to record sale : First Business Bank charges a 3.5% service charge for credit card sales. Prepare entry on Ritz Company's books to record the sale of merchandise.
Non-deductible personal interest : Upon audit, the IRS disallowed the interest deduction, classifying it a non-deductible personal interest. Donald believes and has asked you to find support for the deduction.
What would be the resulting observation in the world around : What changes in the genome would we expect if the size of a organism physically changes? What would be the resulting observation in the world around us if this size change were a genetic alteration?
Why is determination of earnings quality and persistence : Why is determination of earnings quality and persistence important? Explain recasting of the income statement and give three examples of items that are recasted.
Compute confidence interval for the population mean : Compute a 90% confidence interval for the population mean, based on the sample 25, 27, 23, 24, 25, 24, and 59. Change the number from 59 to 24

Reviews

Write a Review

Financial Accounting Questions & Answers

  Fractions in real life situations

What are some examples of real-life situations where the addition of fractions, multiplication of fractions, or division of fractions might be required?

  Estimate the amount of variable price

A recent newspaper article describing no-frills fitness centers indicated that a Snap Fitness site might require only 300 members to break even. Using the information provided above, and your knowledge of CVP analysis, estimate the amount of vari..

  Computation of cash conversion cycle

Computation of cash conversion cycle from income statement and balance sheet and Evaluate Hopewell's cash conversion and Give an interpretation of the value computed in (a).

  Computation of predetermined overheads

Computation of predetermined overheads using job order costing and At year-end the Work-in-Process Inventory controlling account showed a debit balance of $28,750.

  Why is the income assigned to noncontrolling interest treat

Why is the income assigned to noncontrolling interest treated as a deduction in computing consolidated net income?

  Evaluate jon''s adjusted basis

Evaluate Jon's adjusted basis in his EFG Inc. stock after the distribution?

  Find out required sales in dollars to meet the target

Determine the required sales in dollars to meet the target net income during 2011. List at least two ways Pitre Company could earn their target net income of $175,000:

  How will these differences in accounting for brands

What principles of accounting for intangibles would cause Hilton to record brands as assets while Marriott does not? How will these differences in accounting for brands generally affect the net income and return on assets of these two competitors..

  Analysis of unfavorable income variance

Analysis of unfavorable income variance and standard variable manufacturing costs per unit and the budgeted monthly fixed manufacturing costs established for the current year

  Explain how the accounting equation is impacted

Name the accounts impacted and how using the format account name/debit or credit/dollar amount and (2) explain how the Accounting Equation is impacted.

  Working capital management

The question is regarding working capital management involving computation of inventory needed and How much inventory can ABC purchase without violating its debt agreement if their total current assets equal $20 million?

  Purpose direct materials price variance efficiency

Purpose Direct materials Price Variance Efficiency variance and Labor rate variance Labor Efficiency Variance and pass necessary comments.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd