Assume that the sales made by Wessling Corporation for the month ended February 28,were made to customers using credit cards and totaled $5,666.Prepare one journal entry to record these sales assuming that all of the credit card companies charge Wessling Corporation a 2.5 percent discount fee.(Omit date.)Round to the nearest whole dollar.
Definitions:
Adjusting Entries
Entries made in accounting at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
Post-Closing Trial Balance
A listing of all company accounts that remain after closing entries are made, used to check the accuracy of closing procedures and the balance of permanent accounts.
Adjusted Trial Balance
The Adjusted Trial Balance is a list of all accounts and their balances after adjustments have been made for entries like accruals and deferrals, ensuring the accuracy of financial statements.
Post-Closing
Post-closing refers to the period after the closing entries are made in the accounting cycle, aimed at preparing the accounts for the next period by resetting revenue and expense accounts to zero.
Q31: Use this balance sheet and income statement
Q51: Use this information to answer the following
Q62: A cash payment that reduces a liability
Q62: When applying the lower-of-cost-or-market rule to inventory
Q91: Physical controls<br>A)An inventory system in which the
Q130: According to the FASB,the usefulness of accounting
Q144: Use this information to answer the following
Q152: Given the following information about purchases and
Q175: Which of the following sets of documents
Q180: The allowance method of recognizing uncollectible accounts