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Woods Co. uses a perpetual inventory system, and accepts the World Express 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.
Rights and Liabilities
Legal entitlements and obligations that individuals or entities possess in a legal agreement or under the law.
Party
An individual or entity involved in a legal agreement or dispute.
Ordinary Bailment
A legal relationship where physical possession of personal property is transferred from one person to another, but ownership is not.
Bailee
A person or entity to whom goods are entrusted for a specified purpose by the bailor.
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