Brief Exercise 8-6 Consider these transactions: (Credit account titles are autom

Question

Brief Exercise 8-6 Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Shamrock, Inc. accepted a Visa card in payment of a $200 lunch bill. The bank charges a 396 fee, what entry should Shamrock, Inc. make? Nash's Trading Post, LLC sold its accounts receivable of $61,600, what entry should Nash's Trading Post, LLC make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and Explanation Debit Credit 194 Interest Receivable 6 Sales Revenue 100

Explanation / Answer

No Account titles & Explanations Debit Credit a) Cash 194 Service charge expense 6 Sales 200 b) Cash 59752 Service charge expense 1848 Account receivable 61,600

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