Newman Stores Accepts Both Its Own and National Credit Cards

question 186

Essay

Newman Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred.
Jan. 15 Made Newman credit card sales totaling $27,000. (There were no balances prior to January 15.)
20 Made Visa credit card sales (service charge fee 2%) totaling $7,500.
Feb. 10 Collected $12,000 on Newman credit card sales.
15 Added finance charges of 1% to Newman credit card balance.
Instructions
(a) Journalize the transactions for Newman Stores.
(b) Indicate the statement presentation of the financing charges and the credit card service charge expense for Newman Stores.

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Definitions:

Lateralization

Refers to the specialization of the left and right hemispheres of the brain for different tasks and functions.

Hemisphere

One half of the spherical brain, typically referring to the right or left hemisphere, each responsible for different functions and cognitive processes.

Brain

The central organ of the human nervous system, responsible for processing information, controlling bodily functions, and enabling cognition.

Clerical Accuracy

Clerical accuracy involves the correctness and precision of data entry and processing, ensuring that all figures and documents are free from errors.