Lane Outfitters Company, a retailer, accepts payment through credit cards. During August, credit card sales amounted to $12,000. The processor charges a 3% fee. Assuming that the credit card processor uses the gross method, prepare the journal entries, on the books of Lane Outfitters, for the credit card sales and the payment of fees. (Ignore cost of goods sold.) Omit explanation.
What will be an ideal response?
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Which of the following statements is true regarding organizational structure and ethics?
A. A decentralized structure is more likely to inspire unethical behavior. B. A command and control structure is less likely to inspire unethical behavior. C. A command and control structure is more likely to inspire unethical behavior. D. There is no relationship between organizational structure and unethical behavior.
To which of the following generational groups do zoomers belong?
A) Millennial B) Generation X C) Generation Z D) Lost Generation E) baby boomer
In CASE 20.4 In re Abbott Laboratories Derivative Shareholders Litigation (2003), the shareholder-plaintiffs alleged the corporate directors breached their duty of good faith through their failure to follow up on repeated notices of regulatory noncompliance. How did the court rule?
a. The court ruled the directors were not liable and did not breach any duty of good faith because they were unaware of the issues, and accepted corporate governance procedures did not require the disclosure of the noncompliance notices to them. b. The court ruled the directors could not be held liable because the corporation's certificate of incorporation exempted directors from liability for breach of the duty of care. c. The court ruled the business judgment rule applied and that the plaintiffs' allegations could not withstand the protection of that rule. d. The court ruled the plaintiffs sufficiently pleaded allegations that, if true, constituted a breach of the duty of good faith leading to the directors' actions falling outside the protection of the business judgment rule.
What is the primary purpose of a labor report?
A) It depicts the ideal distribution of labor in a firm. B) It designates where labor is used in a firm. C) It communicates departmental profitability. D) It is a report designed to be read by parties external to the firm.