Woods CoUses a Perpetual Inventory System,and Accepts the World Express Bank

question 20

Essay

Woods Co.uses a perpetual inventory system,and accepts the World Express bank credit card from its customers.World Express charges a 3.5% service fee and all credit card receipts deposited are credited to the company account on the day of deposit.On February 28,Woods sold $24,000 worth of merchandise to customers (that had cost $14,400)using the World Express charge card.Prepare the journal entries to record February 28 sales.

---

Definitions:

Mood Contagion

The spillover of one’s positive or negative moods to others.

Positive Attitude

A mindset characterized by optimism, constructive thinking, and a belief in positive outcomes.

Job Performance

The degree to which an employee successfully fulfills the duties, objectives, and roles associated with their job.

Trade-Offs

Decisions involving a compromise between two or more factors, often requiring the sacrifice of one aspect in favor of another.