Prepare journal entries for the following transactions from Cars Plus.Oct. 18Customer Angela Sosa purchased $139,980 worth of car parts with her Standard credit card. The cost to Cars Plus for the sale is $90,250.Standard credit card charges Cars Plus a fee of 5% of the sale.Oct. 24Standard remits payment to Cars Plus, less any fees. O Columbus Technical College - M XBb Chapter 9 Lab Application - AC Xk CengageNowv2 | Online teachin xb Answered: Prepare journal entrie x+A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseO Columbus Technic.My appliactionjstE Reading listChapter 9 Lab ApplicationeBookShow Me HowPrepare journal entries for the following transactions from Cars Plus.1. FA.EA.09.02.ALGOOct. 18 Customer Angela Sosa purchased $139,980 worth of car parts with her Standard credit card. The cost to Cars Plus for the sale is $90,250.2. FA.EA.09.03.ALGOStandard credit card charges Cars Plus a fee of 5% of the sale.Oct. 24 Standard remits payment to Cars Plus, less any fees.3. FA.EA.09.04.ALGO4. FA.EA.09.05.ALGOIf an amount box does not require an entry, leave it blank. Round your answers to two decimal places.Oct. 18 - Sale on credit Accounts Receivable: Sosa5. FA.EA.09.10. ALGOCredit Card Expense6. FA.EA.09.14.ALGOSales Revenue7. FA.EA.09.16.ALGOOct. 18 - Cost of saleOct. 24Check My Work3 more Check My Work uses remainingNext

Credit card expense = sales x Credit card charges rate = 139980 x 5% = $6,999

Answered: Prepare journal entries for the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Oct. 18	Customer Angela Sosa purchased $139,980 worth of car parts with her Standard credit card. The cost to Cars Plus for the sale is $90,250. Standard credit card charges Cars Plus a fee of 5% of the sale.
Oct. 24	Standard remits payment to Cars Plus, less any fees.