What is the amount of net income earned during the month

Assignment Help Accounting Basics
Reference no: EM13929290

Camp Company accepted credit cards in payment for $4,000 of services performed during July 2013. The credit card company charged Camp a 4 percent service fee; it paid Camp as soon as it received the invoices.

Required: 

a. Prepare the general journal entry to record the service revenue. 
b. Prepare the general journal entry for the collection of the receivable from the credit card company. 
c. Based on this information alone, what is the amount of net income earned during the month of July?

Reference no: EM13929290

Questions Cloud

Find the constants a and b in the equation : Find the constants A and B in the equation R = R0 (1 + At + Bt2 ) And plot R against t in the range 0 to 660°C.
What are the pygmalion and the golem effect : What are the "pygmalion" and the "golem" effect? Can someone define and provide an example of a case where you observed at least one of these phenomena?
Compute the elasticities for each independent variable : Compute the elasticities for each independent variable. Note: Write down all of your calculations. Determine the implications for each of the computed elasticities for the business in terms of short-term and long-term pricing strategies. Provide a ..
Describe the three major components of attitudes : What are attitudes? Briefly identify and describe the three major components of attitudes. Identify and describe conditions in the workplace that tend to trigger stress in employees.
What is the amount of net income earned during the month : Based on this information alone, what is the amount of net income earned during the month of July?
Record the above transactions in general journal form : Prepare an income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for 2013.
What are the key implications for management practice : What is employee behavior? What are the key theories and findings of employee behavior research?
Departments most likely would approve changes in pay rates : A client's physical count of inventories was higher than the inventory quantities shown in the perpetual records. This situation could be the result of the failure to record
Describe some ways that organizations can promote creativity : Explain what is meant by a "strong culture," and identify the characteristics of organizations with strong cultures. Define leadership in your own words. Explain why, in your view, it is difficult to define.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Diference between the common and preferred stock

Mega Inc, has common stock and 6% preferred stock outstanding as follows: Preferred stock: 10,000 shares, $100 par value, cumulative. Common stock 50,000 shares, $50 par value.

  How much cash is in the retained earnings account

How much cash is in the retained earnings account - dtermine the maximum dividend GreyCo can pay - Determine the amount of retained earnings as of 12-31-2013.

  For a recent operating period the bayside division of

for a recent operating period the bayside division of fairhaven corporation had sales of 400000 net operating income of

  Assume the exchange has commercial substance how much gain

calaveras tire exchanged machinery for two pickup trucks. the book value and fair value of the machinery were 40000

  The annual interest rate implicit in this agreement

The annual interest rate implicit in this agreement is 24%.

  What is a segment of an organization?

What is the basic difference between absorption costing and variable costing?

  Company total contribution margins

Determine which expenses are mixed and, by use of the high low method, seperate each mixed expense into its variable and fixed components. state the cost formula for each mixed expense.

  The budgetary accounts required by gasb standards

The County Commission of Brook County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $3,200,000 and appropriations of $2,900,000. Brook County utilizes the budgetary accounts required by GASB stan..

  Queen desires an ending finished goods inventory to be equal

Queen desires an ending finished goods inventory to be equal

  The production department of zan corporation has submitted

the production department of zan corporation has submitted the following forecast of units to be produced by quarter

  Production-volume variance

Justify the method of writing off the production-volume variance to the cost of goods sold, as compared to allocating the variance to work-in-process and finished goods inventories.

  Scott and quick are accountants for millenium computers

scott and quick are accountants for millenium computers. they disagree over the following transactions that occurred

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