Question

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Journalize the following transactions for Stillwater Spa Consultants: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Oct. 1	Sold services for $250,000 to customers using debit cards. Assume the bank charges 0.5% for all debit card transactions.
7	Sold services to customers for $28,000 cash.
8	Recorded Visa credit card sales totalling $146,000. Visa applies fees of 2%.
10	Sold $104,000 of services to Edson Community Health Clinic, terms 2/15, n/30.
25	Collected the amount owing regarding the October 10 sale.

Answer 1

Answer
Journal Entries - Stillwater Spa Consultants
Date	Particulars	Debit	Credit
01-Oct	Cash Dr	$248,750
	Debit card expense Dr	$    1,250		250000*0.5%
	To Sales revenue		$250,000
	(To record sales)
07-Oct	Cash Dr	$ 28,000
	To Sales revenue		$ 28,000
	(To record sales for cash)
08-Oct	Cash Dr	$143,080
	Credit card expense Dr	$    2,920		146000*2%
	To Sales revenue		$146,000
	(To record sales)
10-Oct	Accounts receivables Dr	$104,000
	To Sales revenue		$104,000
	(To record sales on account)
25-Oct	Cash Dr	$101,920
	Sales discount Dr	$    2,080		104000*2%
	To Accounts receivables		$104,000
	(To record collection from customer )