A customer hands you $3,850 in cash and would like to purchase 14 prepaid cards of $275 each. The customer hands you the cash with an expired ID, and is expecting you to process the transaction. You must decline the transaction for the following reasons (Select all that apply):
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- Consider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) Cullumber Restaurant accepted a Visa card in payment of a $400 lunch bill. The bank charges a 2% fee. What entry should Cullumber make? Marin Company sold its accounts receivable of $64,300. What entry should Marin make, given a service charge of 2% on the amount of receivables sold? No. Account Titles and Explanation (a) (b) Debit CreditConsider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Sunland Restaurant accepted a Visa card in payment of a $300 lunch bill. The bank charges a 2% fee. What entry should Sunland make? (b) Splish Brothers Company sold its accounts receivable of $60,400. What entry should Splish Brothers make, given a service charge of 2% on the amount of receivables sold? No. Account Titles and Explanation (a) (b) Textbook and Media Debit CreditConsider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) (a) (b) Sandhill Restaurant accepted a Visa card in payment of a $150 lunch bill. The bank charges a 4% fee. What entry should Sandhill make? (b) Teal Mountain Company sold its accounts receivable of $68,000. What entry should Teal Mountain make, given a service charge of 4% on the amount of receivables sold? No. Account Titles and Explanation (a) Debit 0000 Credit SURRO
- If a company accepts credit cards, they must record the expense on their books. Please prepare the journal entries for the following scenario: Company A sells $480,000 on credit card sales. The credit card charges a 4.5% fee for the use of the card. The card company also deposits the cash into the company’s bank account the same night as the credit cards are accepted.Check Writing Fees. Randy, a student, has $117 to deposit in a new chequing account, but Randy knows he will not be able to maintain a minimum balance. He will not use an ATM card, but will write a large number of cheques. Randy is trying to choose between the unlimited check writing offered by South Trust and the low per-check fee offered by Sun Coast. How many checks would Randy have to write each month for the account at South Trust to be the better option? South Trust Bank Sun Coast Bank ATM charges: Home bank Free Free Other bank $1.28 per use $1.28 per use Checking: Minimum deposit $1 $1 Minimum balance required to avoid fees* $500 N/A Monthly fees $8.00 $2.00 Check-writing charges Unlimited Each cheque 50 cents For the account at South Trust Bank to be the better option, the number of checks Randy would need to write each month is __________.(Do not provide solution in imge format. and also do not provide plagarised content otherwise i dislike.) provide explanation of formula. Your firm has an average receipt size of $90. A bank has approached you concerning a lockbox service that will decrease your total collection time by 2 days. You typically receive 9,100 checks per day. The daily interest rate is 0.019 percent.If the bank charges a fee of $200 per day, what is the NPV of the lockbox project?NPV____What would the net annual savings be if the service were adopted?Net annual savings___
- the supervisor tells you to change the aging category of a large account from over 120 days to current status and prepare a new invoice to the customer with the revised date and that agrees with the new category this will change the required allowance of uncollectible accounts from $180,000 to $135,000. What are the potential consequences if you do comply with your supervisors instructions?Who will be negatively impacted?10. In Exhibit 3.6, you see a credit sale to G. H. Allen that is recorded in a paper-based accounting system. On July 28, 2021, Aca Pool Co. received check number 6311 from G. H. Allen in payment of his outstanding invoice. Required: a. Record the receipt of Allen's check on the cash receipts prelist, document number CR645. Your instructor will provide you a blank form. b. Use the prelist as your source document to record this cash receipts transaction in the appropriate 14Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Carla Vista Co. accepted a Visa card in payment of a $425 lunch bill. The bank charges a 2% fee. What entry should Carla Vista make?(b) Tamarisk, Inc. sold its accounts receivable of $65,000. What entry should Tamarisk make, given a service charge of 2% on the amount of receivables sold?
- Today is December 30, 2019. In order to capture the attention of online shoppers, Cyber Retail Company had a “Buy Now, Pay Later” sale on Monday, December 2, 2019. The terms of the sale were such that anyone who bought merchandise was required to pay for the merchandise on (or before) February 28, 2020. For any customer who failed to pay by that date, Cyber Retail would “charge” that customer’s purchase to the credit card account that the customer had provided at the time he/she placed the order. Customers purchased $ 5,000,000 of merchandise during the “Buy Now, Pay Later” sale. Cyber estimates that if they waited until February 28, 2020, they would ultimately collect $ 4,800,000 related to this pool of receivables. One component of the difference, estimated at $ 50,000, relates to the “fees” that Cyber Retail would have to pay to the credit card companies upon receiving payment. The other $ 150,000 relates to “lost revenue” resulting from customers whose credit…Carla Vista's cash register tape showed sales of $59,000 on June 16 for charges to customers' MasterCards. The bank charges a service fee of 3%. Prepare the entry to record MasterCard credit card sales. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Jun. 16 Debit CreditSupposed that you have a business, and you are going to prepare checks for thefollowing: (You can create your own check or simply download a blank check) 150,000 payable to Ronald James Abad for the consultation fee. 65, 350.90 for the payment equipment purchased from Abenson ApplianceStore