Score: 0 of 15 pts 5 of 6 (0 complete) Hw Score: 0%, 0 of 50 pr E8-21 (similar t

Question

Score: 0 of 15 pts 5 of 6 (0 complete) Hw Score: 0%, 0 of 50 pr E8-21 (similar to) Question Help Fast Cat Running Shoes reports the following 2016 Jan. 3 Recorded credit card sales of $92,000, net of processor fee of 2%. Ignore Cost of Goods So Oct 1 Loaned $18,000 to Jackie Paul, an executive with the company, on a one-year, 7% note Dec. 31Accrued interest revenue on the Paul note. 2017 Oct 1 Colected the maturity value of the Paul note Joumalize all entries required for Fast Cat Running Shoes. (Record debits first, then credits. Select the explanation on the last line of the jounal entry table.) Jan. 3, 2016: Recorded credit card sales of S92,000, net of pocessor fee of 2%. Ignore Cost af Goods Soli (Prepare a sngle compound journal entry.) Accounts and Explanation Credit Date 2016 Jan. 3 Debit

Explanation / Answer

Journal Entry in the books of Fast Running Shoes Date Account & Explanation Debit Credit 03/01/2016 Cash $90,160.00 Bank Charges $1,840.00 Sales $92,000.00 To Record Cash Sale and Processing fees of Credit card 01/10/2016 Loan-Jean Parker $18,000.00 Cash $18,000.00 To reocrd Loan given to Jean Parekr 31/12/2016 Interest Accrued $315.00 Interest Income ($18000*7%*3/12) $315.00 To Record interest accrued on Jean Parker Loan 01/10/2017 Cash $19,260.00 Interest Accrued $315.00 Interest Income ($18000*7%*9/12) $945.00 Loan - Jean Parker $18,000.00 To record collection of Maturity Value including Interest

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