Accounting for Receivables

Problem-17: Accounting for Receivables

Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.
Jan. 15Made Colaw credit card sales totaling $18,000. (There were no balance prior to January 15.)
20Made Visa credit card sales (service charge fee 2%) totaling $4,500.
Feb. 10Collected $10,000 on Colaw credit card sales
15Added finance charges of 1.5% to Colaw credit card account balances.

Instructions

Journalize the transactions for Colaw Stores

Solution

Colaw Stores
Journal Entries

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