5. Leonard Matson completed these transactions during December of the current year:
Prepare general journal entries to record these transactions.
9. A company allows its customers to use bank credit cards to charge purchases. When customers use the credit cards, the net amount is deposited in the company's checking account. The company also is charged a 2.5% service charge for these credit card sales. Assume that on April 13, the company sold $25,000 worth of merchandise to customers who used credit cards. Prepare the company's journal entry to record the credit card sales for April 13 assuming the company deposited the receipts that same day.
10. The following information is available for some of Coca-Cola's segments (all amounts are in millions):
a. Determine the segment return on assets for each geographic segment.
b. Comment on the results. How do the segments compare with respect to profitability?
Solutions to your three assigned questions are provided in a separate excel file attached. It contains three parts (three solutions) and explanatory notes where necessary. The following is the outline of the work.
1 General Journal
2 Journal entry to record bank credit card sales:
Notes: When customers use bank credit card and credit sale is transacted, the bank immediately
deposit (credit) the amount to the seller's bank ...
This solution provides a complete computation of the given accounting problem formatted in Excel.