Topeka Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred.
|
Jan. 15 |
Made Topeka credit card sales totaling $18,000.(There were no balances prior to January 15.) |
|
20 |
Made Visa credit card sales (service charge fee 2%) totaling $4,300. |
|
Feb. 10 |
Collected $10,000 on Topeka credit card sales. |
|
15 |
Added finance charges of 1% to Topeka credit card balance. |
Instructions
(a) Journalize the transactions for Topeka Stores.
(b) Indicate the statement presentation of the financing charges and the credit card service charge expense for Topeka Stores.