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Prepare the recording entry

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Reference no: EM132420241

Journalize each transaction listed below:

CREDIT CARD SALES

  1. March 1:  L&S sold $10,000 of computers.  The customer used a VISA credit card.  The net cash from sales is immediately deposited in the L& S bank account.  VISA charges a 2% fee.  The cost of these computers is $7,500. 
  2. March 2:  L&S sold $3,000 of computer equipment on American Express.  The net cash receipts are received 7 days later and a 1% fee is charged.  The computer cost $2,250.
  3. March 9:  L&S received cash from American Express for receipts submitted March 2nd.

NOTES RECEIVABLE

  1. December 1:  L&S negotiates with a customer to convert their $10,000 accounts receivable balance to a note receivable with a 90 day maturity.  The $10,000 note will yield a 10% annual percentage interest rate (APR). Prepare the recording entry.
  2. Prepare the year-end adjusting entry. (round to whole number)
  3. The customer pays L&S the note plus interest on the maturity date. Prepare the recording entry.

Reference no: EM132420241

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