Lane Outfitters Company,a Retailer,accepts Payment Through Credit Cards

question 200

Essay

Lane Outfitters Company,a retailer,accepts payment through credit cards.During August,credit card sales amounted to $12,000.The processor charges a 3% fee.Assuming that the credit card processor uses the gross method,prepare the journal entries,on the books of Lane Outfitters,for the credit card sales and the payment of fees.(Ignore cost of goods sold.)Omit explanation.

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Definitions:

Inventory Management

The supervision of non-capitalized assets (inventory) and stock items, focusing on ordering, storing, and using the company's inventory.

Supply Chain

The entire network of entities, directly or indirectly interlinked and interdependent in serving the same consumer or customer.

Systems Bottlenecks

Systems bottlenecks are points of congestion in a system where the flow of data or processes is delayed or halted, leading to inefficiency and potential loss of productivity.

Process-Driven Organisations

Organizations that focus on the systems and procedures that deliver their products or services to ensure efficiency and quality.