Fashion Barn Company, a retailer, accepts payment through credit cards. During August, credit card sales amounted to $12,000. The processor charges a 3% fee. Assume that the processor deposits the net amount. Prepare the journal entry for credit card sales. (Ignore cost of goods sold.) Omit explanation.
What will be an ideal response?
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There report show that there is a demand for notebook computers. (present)
What will be an ideal response?
The JIT operating philosophy must be adopted by everyone in a company before its total benefits can be realized
Indicate whether the statement is true or false
Prepare the financing section of the statement of cash flows for the year ended December 31, 2018.
Nashville Records Company uses the indirect method to prepare its statement of cash flows. Refer to the following sections of the comparative balance sheet:
Additional information for 2018:
• No stock was retired.
• No treasury stock was sold.
• The company repaid $60,000 of long-term notes payable.
• The company borrowed $51,000 on a new long-term note payable.
• Net income for the year was $68,000.
The No Electronic Theft Act (NET Act) can be invoked for copyright infringements that do not involve financial gain
Indicate whether the statement is true or false