First Place Running Shoes reports the following:
2016
May 3
Oct. 1
Dec. 31
Recorded credit card sales of $93,000, net of processor fee of 1%. Ignore Cost of Goods Sold.
Loaned $17,000 to Jackie Parker, an executive with the company, on a one-year, 6% note.
Accrued interest revenue on the Parker note.
2017
Oct. 1
Collected the maturity value of the Parker note.
Journalize all entries required for First Place Running Shoes. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
May 3, 2016: Recorded credit card sales of $93,000, net of processor fee of 1%. Ignore Cost of Goods Sold. (Prepare a single compound journal entry.)
Date
Accounts and Explanation
2016
Cash
May 3
Credit Card Expense
Sales Revenue
Record credit card sales, net of fee.
Debit
Credit
92,070
930
93,000
Oct. 1, 2016: Loaned $17,000 to Jackie Parker, an executive with the company, on a one-year, 6% note.
Date
2016
Oct. 1
Accounts and Explanation
Debit
Credit
