Bardo Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, n/30, and all sales are recorded at the gross price. Other customers can use a bank credit card where the bank deducts a 4% service charge for credit card sales and credits the bank account of Bardo immediately when credit card receipts are deposited. Bardo uses the perpetual inventory method. Prepare journal entries to record the following selected transactions and events.
Definitions:
Nearest 0.01%
Indicates rounding figures to the closest one hundredth of a percent.
Equivalent Interest Rate
A rate that converts interest rates of various compounding periods into an annual rate for comparison purposes.
Nearest 0.01%
Rounding a percentage to the closest one-hundredth of a percent.
Nearest 0.01%
Rounding a number or percentage to the closest hundredth of a percent for precision.
Q6: A voucher system is a series of
Q21: Teller purchased merchandise from TechCom on October
Q21: _ reflects the liquidity of a company's
Q47: During a period of steadily rising costs,
Q73: Prepare general journal entries for the following
Q75: _ depreciation recognizes equal amounts of annual
Q90: Principles of internal control include all of
Q94: The aging of accounts receivable involves classifying
Q98: The Petty Cash account is a separate
Q173: When two clerks share the same cash