Hello! https://docs.google.com/spreadsheets/d/15D7pSHkNiy6Y680ybCrYlxQmINDtOcORo6XYFES98Kc/edit?usp=sharing. That is the link for our homework assignment which you are able to work on directly. We...

1. Credit Card Transactions
    Magik Inc. accepted a credit card in payment of a $825 purchase of merchandise on April 5.
For each of the following assumptions, prepare the journal entry to record the sale.
(a) The customer used a Visa card and Visa charges a 2% fee.
(b) The customer used a nonbank credit card and the company charges a 3% fee.
Magik Inc. collected the payment from the credit card company on April 18.
(c) The customer used a Magik Inc. credit card (there is no service fee). /8 thinking
        General Journal
                Date        Particulars    P.R.    Debit    Credit
        1        (a)                            1
        2        (a)        Cash        $808.50            2
        3                Credit card Expense        $16.50            3
        4                 Sales revenue            $825.00        4
        5                (sales made through Visa card)                    5
        6                                    6
        7        (b)        Accounts receivable        $825.00            7
        8                 Sales revenue            $825.00        8
        9                (sales made through non bank credit card)                    9
        10                                    10
        11                Cash        $800.25            11
        12                Credit card Expense        $24.75            12
        13                 Accounts receivable            $825.00        13
        14                                    14
        15        ©        Own Credit card receivable        $825.00            15
        16                 Sales revenue            $825.00        16
        17                (Sales made on Own credit card)                    17
        18                                    18
        19                                    19
        20                                    20
        21                                    21
        22                                    22
        23                                    23
        24                                    24
        25                                    25
        26                                    26
        27                                    27
        28                                    28
        29                                    29
        30                                    30
2. Allowance Method
    GENERAL JOURNAL PAGE 1
        DATE        PARTICULARS    DEBIT    CREDIT
                                Pearson Company uses the allowance method to estimate uncollectible accounts. The company produced the...