Wainwright Stores Accepts Both Its Own and National Credit Cards

question 41

Essay

Wainwright Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred.
Jan. 15 Made Wainwright credit card sales totaling $24,000. (There were no balances prior to January 15.)
20 Made Visa credit card sales (service charge fee 2%) totaling $7,000.
Feb. 10 Collected $14,000 on Wainwright credit card sales.
15 Added finance charges of 1% to Wainwright credit card balance.
Instructions
(a) Journalize the transactions for Wainwright Stores.
(b) Indicate the statement presentation of the financing charges and the credit card service charge expense for Wainwright Stores.

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Definitions:

Colour

The property of objects as perceived by the human eye and brain due to the way an object reflects or emits light.

Pupil

The opening in the center of the iris of the eye that regulates the amount of light that enters the eye, adjusting in size based on light conditions.

Dilated

Refers to the expansion or widening of a structure or opening.

Constricted

Limited or narrowed in scope or freedom; often refers to a feeling of tightness or restriction in emotional expression or physical space.