On June 14, Sure-Fit Shoe Store sold $12,000 of merchandise that cost $8,000 and accepted credit cards as payment. Sure-Fit electronically transmitted the credit card forms to the credit card company which charges a 3% fee to handle such transactions. On June 18, Sure-Fit received the proceeds from the credit card company.Required:a) Prepare the entry to record the sale of the merchandise on June 1 in general journal format.b) Prepare the journal entry to record the credit card proceeds on June 18 in general journal format.
What will be an ideal response?
a) 
Business
You might also like to view...
Direct involvement as a channel strategy requires incentives to be paid to independent channel agents
Indicate whether the statement is true or false
Business
List the three premises on which Anderson's long tail theory is based and the two aspects of internet shopping that supports these premises
What will be an ideal response?
Business
Generally accepted accounting principles
A) are changing continually. B) are sound in theory but rarely used in practice. C) have eliminated all weaknesses in accounting practice. D) are accounting rules formulated by the Internal Revenue Service.
Business
What are the reasons that British researchers believe that nonprofits do so well on the trust dimension?
What will be an ideal response?
Business