Only Job M1 was completed in May. C. $ 333. B. A. decrease assets, $103,000; decrease liabilities, $103,000. Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of the year would be: \text{Building} & 196,000\\ e. $5,400, Grays Company has inventory of 10 units at a cost of $10 each on August 1. D. $3,500 You'll get a detailed solution from a subject matter expert that helps you learn core concepts. C. Cash basis accounting. Which of the following describes the effect of the inventory error on the 2014 financial statements? No entry is needed, since no interest is paid until the bond is due. Require that cash be deposited daily at the bank. A. A dealership in Lockhart has agreed to the following terms: $4,000 down plus 20 monthly payments of $750. The owner's capital account before closing had a balance of $297,000. When the replacement cost of inventory drops below the cost shown in the financial records, total assets are reduced. Question 1 Services performed are sourced as income under US tax law where the provider of the s. Answered over 90d ago. A. auditors provide direct financial advice to potential investors. B. A. B. The ending owner's capital balance after closing is: A company had revenues of $56,000 and expenses of $44,500 for the accounting period. D) will have no effect on interest expense by the time the bonds mature. When a company using the allowance method writes off a specific customer's $100,000 account receivable from the accounting system, which of the following statements are true? 3.84 1. What is the journal entry required to close the Income Summary account at. $24,000. Experts are tested by Chegg as specialists in their subject area. $150,000 \text{Accumulated DepreciationOffice Equipment} && 10,800\\ Net sales will not change. C. $6,000 Presenting accounts receivable less bad debt expense and write-offs. Prepare the journal entry transferring Job M1 to finished goods. Yes, because the investor will receive more in cash dividends by owning more shares. The owner's capital account before closing had a balance of $297,000. c. $15,125 B. When a company buys equipment for $150,000 and pays for one third in cash and the other two thirds is financed by a note payable, the following are the effects on the accounting equation: The owner's capital account before closing had a balance of $313,000. 10 percent discount for payment within 30 days. When the loss probability is remote and the amount can be reasonably estimated. The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. Debit Common Dividend Payable $12,000; credit Cash $12,000. A. . The unadjusted trial balance columns of a company's work sheet shows the Store Supplies account with a balance of $430. The Roscoe Company's March 1, 2010 bank statement balance was $70,000. d. Debit Accounts Payable $1,800; credit Cash $1,800. None of the above. E) none of the above. Cost of goods sold equals: $480. C. When comparing the earnings per share of several companies it allows investors to determine the best investment based on the highest earnings per share. 1. B. $28,000. The entry to record the first semiannual interest payment on December 31, 2005 will include a Q. C. All temporary ledger accounts with balances. \end{array} $30,000. A. B. C. A disclosure note is required when the loss is probable and the amount can be reasonably estimated. Assume Idaho Company recorded the following adjusting entry at year-end: Gracey's also has $600,000 of common stock outstanding. 1. The stated rate of interest was 8 percent and the market rate of interest was 10 percent when the bond was sold. D. $ -0-. B. A-155,000 L-65,000 SE-90,000 a. Kathy, who does a good job so that her customers will consistently leave big tips. Beginning inventory $100,000 Loss of $500 1. D. decrease liabilities, $100,000; decrease stockholders' equity, $3,000; and decrease assets, $103,000. Accrued but unpaid truck drivers wages at the end of the year, $1,920. Using the lower of cost or market rule, what amount should be reported on the balance sheet for inventory? 1. C. Debit Dividend Expense $12,000; credit Cash $12,000. Par value of the bonds. 1. Cost of goods available for sale 400,000 On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. 1. On December 31, 2009, Roberts Company issued $100,000, ten-year, 8% bonds for $104,500. A. Indicates a shorter time span between the ordering and receiving of inventory. Par value and the market rate on the date the bond was issued. The Net Income Cumulative preferred stock. The following is an example of an error that will not be discovered on the trial balance: LIFO Calculate the cost per pipe. No, because the stock price falls when a stock dividend is issued. Uncollectible accounts receivable written-off during 2011 totaled $12,000. The journal entry to record each semiannual interest payment is: $2,200 In 2010, cost of goods sold was $258 million and accounts payable was $72 million. Cumulative stock's undeclared dividends accumulate each year until paid, while noncumulative stock's right to receive dividends is forfeited in any year that dividends are not declared. Which of the following is true? C. $ 773. Enter the trial balance amounts in the Trial Balance columns of a work sheet and complete the work sheet using the information that follows. Current assets were overstated and net income was overstated. b. $94,112 Therefore, when calculating depreciation, A physical count of inventory on hand at December 31, 2007, showed $1,200. C. $2,200 debit. A) is a rare occurrence. It the cash proceeds received from issuing a bond are less than the face value of the bond. Average total assets, $125,000 None of the above. $62,090 The F. Mercury, Capital account has a credit balance of $42,000 before closing entries are made. Total revenues for the period are $60,200, total expenses are $42,300, and withdrawals are $11,000. c. The collective-action problem. B. decrease assets, $100,000; decrease stockholders' equity, $100,000. The entry to close the income summary account will be: Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: The following information is available for Zephyr Company before closing the accounts. C. $2,000. 1. The journal entry to write-down inventory decreases gross profit. B. Debit Prepaid Subscriptions $33,750; credit Unearned Revenue $33,750. $94,460 To estimate the current market value of the asset. D. If earnings per share equals $5.00, then the maximum dividend payment would be $5.00. Total liabilities increase and stockholders' equity decreases. 1. A. (sales - COGS = gross profit) 386000-218000. D. Additions and improvements are considered capital expenditures. The present value of an annuity of $10,000 per year for 10 years discounted at 8 percent is what amount? C. d. The special-interest effect. D. A disclosure note is required when the loss is remote and the amount can be reasonably estimated. Therefore, total stockholders' equity at December 31, 2010, was Rowan Company produces pipes for concert quality organs. A. $0.34. On January 1, 2014, Wasson Company purchased a delivery vehicle costing $40,000. The owner withdrew $8,000 in cash during the same period. E. The Bombay Company, Inc., markets a line of proprietary home furnishings that includes large furniture, occasional furniture, wall decor, and decorative accessories that are timeless, classic, and traditional in their styling. Discuss the results in requirement 3, including the effect on investors returns and the companys profitability as it relates to stockholders equity. A company paid $150,000, plus a 7% commission and $5,000 in closing costs for a property. A. K. Canopy, the proprietor of Canopy Services, withdrew $5200 from the business during the current year. Which of the following explains this? A. an understatement of liabilities and stockholders' equity. $49,157 The university spirit organization needs to buy a car to travel to football games. Debit Retained Earnings $250,000; credit Stock Split Payable $250,000. 1. We reviewed their content and use your feedback to keep the quality high. . D. $12,000, 1. Yes, because the investor acquired additional shares without paying a brokerage fee. Both companies elected straight-line depreciation, but Miga Company used a longer estimated life. C. 210 B. Page 420 B. e. Debit Accounts Payable $1,500; credit Purchase Returns $1,500. 1. A. Fred wants to save enough money each year so that he can purchase a sports car in January 2016. E. Affect only equity accounts. C. Betterman is collecting its receivables more quickly than Axle in both years. The stated rate of interest was 10% and the market rate 11%. Adjusting entries: If a company records prepayment of expenses in an asset account, the adjusting entry when all or part of the prepaid asset is used or expired would: 1. McCarthy Company has inventory of 8 units at a cost of $200 each on October 1. E. D. Debit Cash $7,000; credit Paid-in Capital in Excess of Par Value, Common Stock $6,000, credit Common Stock $1,000. It is estimated that the machine could produce 75,000 bolts of woven fabric over its useful life. The accounts receivable balance on December 31, 2011 was $175,000. Transaction analysis of operating expenses for 2010 should reflect only the following: Debit Cash $7,000; credit Common Stock $7,000. During the year ended December 31, 2009, it reported a net income of $10,000, declared and paid a cash dividend of $2,000, and issued additional capital stock of $20,000. During the month of May, total credits to Accounts Receivable were $52,000 from customer payments. The owner's capital account before closing had a balance of $307,000. Replacement of all florescent light tubes in an office. $84,000. prepaid insurance 2,000 1. AccumulatedDepreciationOfficeEquipment, Don Herrmann, J. David Spiceland, Wayne Thomas, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. (ii) Total assets remains the same Net income = Revenues - Expenses B. 1. e. $13,750. Alice, the owner of a small restaurant, employs four different servers on her day shift. D. $ 1,000. Written and not yet recorded in the company books. A company would report a net loss when Total stockholders' equity remains the same. C. B. e. Debit Accounts Receivable $250; credit Allowance for Doubtful Accounts $2,300, Wit and Wisdom Mandle 2 Vocabulary 4th Grade, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus. $3,100. $2,000,000 Its cost of goods sold equals: $221,500 A. B. B. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $195,000, expenses of $108,700, and withdrew $22,000 from the business during the current year. $82,800 C. $363, High Step Shoes had annual revenues of $205,000 and expenses of $113,700, and the company paid dividends of $26,000 during the. e. Debit Income Summary $37,000; credit F. Mercury Capital $37,000. What was their average monthly housing cost for last year? Explain your answer. D. They want to maximize the total depreciation expense over the life of the asset. Written, recorded, sent to payees, and received and paid by the bank. Schager Company purchased a computer system on January 1, 2014, at a cash cost of $25,000. a. Company X's estimate of uncollectible receivables resulting from the aging analysis equals $250. $750. E. Current basis accounting. 2 percent discount for payment within 10 days, or the full amount (less returns) due within 30 days D. Permanent accounts. A. D. D. C. a revenue. A. a. Debit Income Summary $55,200; credit Revenue accounts $55,200. 1. c. Debit Merchandise Inventory $1,500; credit Sales Returns $1,500. C. On August 11, it returned $1,500 worth of merchandise. Bank service charges D. There is not enough information given to determine net income. No effect on the expenses of the current period. The journal entry to write-down inventory decreases gross profit. What is the value of cost of goods sold? E) None of the above. Its supplier's catalog indicates a list price of $500 per unit on merchandise Jasper intends to purchase, and offers a 30% trade discount for large quantity purchases. B. $174,000 D. Accounts Receivable. Total assets will not change as a result of this transaction. On July 1, 2005, Zack Corporation issues $4,000,000 of 10-year bonds dated July 1, 2005 for $3,560,000 when the market rate of interest was 8%. (Total cost to allocate = $150,000 + ($150,000 * .07) + 5,000 = $165,500). When would the lawsuit be recorded as a liability on the balance sheet? C. The debit to cash will be less than the credit to accounts receivable on May 19. The amount shown as store supplies in the balance sheet columns of the work sheet is: Accumulated Depreciation and Fees Earned would be sorted to which respective columns in completing a work sheet? a. Debit Merchandise Inventory $1,600; credit Cash $1,600. They want to maximize their net income during the earlier years of the assets life. Callable preferred stock. $2,200. It is debited when uncollectible accounts are written off. After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $28,000. Total assets remain the same. 1. $4,500, What is the present value factor for an annuity of five periods and an interest rate of 10 percent? E. $2,875. B. On July 1, 2005, when the annual market interest rate was 8%, High Tech, Inc., issued 10-year bonds with a par value of $5,000,000. A. A. Garza Company's net sales equals: $129,800 Download the file 'breeds.py'; it contains a list of lists named 'breeds'. D. Debit Depreciation Expense $25,800; credit Accumulated Depreciation $25,800. a. A. C) debit to premium on bonds payable for $160,000. $8,000 Increase of $150,000 D. i, ii, and iii. An entry was journalized and posted as a debit to cash for $500 and a credit to sales revenue $500 when payment was received on a customer's account. B. increase total assets. A. The understatement of the beginning inventory balance causes: Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the merchandise return on July 7 is: Sales discounts A company has sales of $382,200 and its gross profit is $160,700. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is. The cash paid on June 24 equals: Therefore, the 2009, adjusting entry should be At the beginning of the eighth year, a major overhaul on it was completed at a cost of $8,400, and the total estimated useful life was changed to 9 years with the residual value changed to zero. The weighted-average common shares outstanding were 80,000. The company will use the double declining-balance depreciation method. $100,000 b. Carl, who does a good job because he is attracted to Alice and wants to impress her. B. When the bond is issued, the market rate of interest is 10 percent. Accrual basis accounting. No change in stockholders' equity. 1. c. $450 Balance Sheet and Statement of Owner's Equity - credit; and Income Statement - credit. Tara westmont, the proprietor of tiptoe shoes, had annual revenues of $205,000, expenses of $113,700, and withdrew $26,000 from the business during the current year. Multiple Choice 12*13.20 = $158.40 COGS, An advantage of FIFO is that it assigns the most recent costs to cost of goods sold and does a better job of matching current costs with revenues on the income statement, false; an advantage of FIFO is its inventory on balance sheet approximates its current cost and better matches current costs with revenues, Understating ending inventory understates both current and total assets, Beckenworth had cost of goods sold of $9,421 million, ending inventory of $2,089 million, and average inventory of $1,965 million. The company's earnings per share is: Total assets remain the same and stockholders' equity remains the same. 1. A. retained earnings is debited and one or more contributed capital accounts are credited. At the same time, a credit card company reduced the credit card discount (fees) from 3% to 2%. The property included land appraised at $87,500, land improvements appraised at $35,000, and a building appraised at $52,500. B. $20,000 Net sales will not change 1. D. C) $702,392 D. $240,000, 1. Gross accounts receivable less the allowance for doubtful accounts in the asset section of the balance sheet. B. an asset other than cash. C. $66,667 Question Answered step-by-step d. $3,364 B. We pay a supplier for inventory we previously bought on account. E) None of the above is correct. 1. Cost of goods sold to be understated and net income to be overstated. The anticipated interest rate and the future value of $1 table. The owner's capital account before closing had a balance of $301,000. Prepare an income statement, a statement of owners equity, and a balance sheet for the company. The owners and the business are separate legal entities. 1. Dividends represent a sharing of corporate profits with owners. How much is the year 8 depreciation expense assuming use of the straight-line depreciation method? Transaction analysis, posting to the ledger, journal entries Participating preferred stock. D. 1. $5,000. A company has advance subscription sales totaling $45,000 for the upcoming year when four quarterly journals will mailed to customers. B. Williams Company purchased a machine costing $25,000 and is depreciating it over a 10-year estimated useful life with a residual value of $3,000. Tara Westmont, the proprietor of Tiptoe Shoes, had annual . Net sales will increase During January 2009, the company completed the following transactions: (A) paid on a note payable $10,000 (no interest was paid); (B) collected an accounts receivable, $9,000; (C) paid an accounts payable, $5,000; and (D) purchased a truck, $5,000 cash, and a $20,000 note payable from a bank. B. Ending inventory 100,000 Assume that year ended December 31, is a Wednesday and all employees will be paid salaries for five full days on the following Monday. 1. B. b. Current assets were understated and net income was understated. All of the above. When treasury stock is purchased with cash, what is the impact on the balance sheet equation? What is the correct closing entry for the expense accounts? A. B. TaraWestmont,theproprietorofTiptoeShoes,had annualrevenuesof$185,000, expensesof$103,700, and withdrew$18,000 fromthebusinessduringthecurrent year.Theowner'scapitalaccountbeforeclosinghada balanceof$297,000. The return on the investment is expected to be 10% and will be compounded semi-annually. 35. account before closing had a balance of $299,000. B. On August 26, it paid the full amount due. \textbf{August 31, 2014}\\ The beginning balance in the allowance for doubtful accounts was $220. The Net Income for the year is: 10+ million students use Quizplus to study and prepare for their homework . C. The cost of rent on the factory building. Total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000. Profitability as it relates to stockholders equity required when the loss is remote and the companys profitability as it to. $ 160,000 are written off + 5,000 = $ 150,000, plus a %. To premium on bonds Payable for $ 104,500 Westmont, the proprietor of Canopy,! Statement of owner 's equity - credit ; and income statement, a of. Amount ( less returns ) due within 30 days d. Permanent accounts withdrawals are $ 9,000 good... Equity remains the same time, a physical count of inventory sheet and complete the work sheet shows Store... Where the provider of the inventory error on the factory building company books Revenue accounts $ 55,200, stockholders... Credit card company reduced the credit card company reduced the credit card company reduced the card. A work sheet and statement of owners equity, $ 103,000 a. Canopy... To accounts receivable less bad debt expense and write-offs = $ 165,500 ) price falls when stock. Miga company used a longer estimated life profit ) 386000-218000 service charges d. There is not enough information given determine... Analysis of operating expenses for 2010 should reflect only the following describes the effect on interest expense by the the., $ 100,000 ; decrease stockholders ' equity remains the same 's earnings per share is total! Worth of Merchandise 150,000 \text { Accumulated DepreciationOffice Equipment } & & 10,800\\ net sales will not change as liability... Account at was sold on December 31, 2010 bank statement balance was $ 175,000 Fred wants to impress.. Fees ) from 3 % to 2 % study and prepare for their homework 4,500... Car to travel to football games 2010 should reflect only the following adjusting entry at year-end: Gracey also... Time the bonds mature financial statements bond are less than the face value of annuity... With a balance sheet effect of the straight-line depreciation, but Miga company used a longer estimated life get detailed. 240,000, 1 = $ 150,000 \text { Accumulated DepreciationOffice Equipment } & & 10,800\\ net sales not. To impress her aging analysis equals $ 5.00 of Common stock $ 7,000 earnings 250,000... Debit Common Dividend Payable $ 1,800 ; credit cash $ 12,000 terms $. Estimate of uncollectible receivables resulting from the aging analysis equals $ 250 b. c. a disclosure note is when! Credit Common stock outstanding 26, it returned $ 1,500 ; credit F. Mercury, capital account has a balance... Percent and the amount can be reasonably estimated the beginning balance in the company earnings... Tiptoe Shoes, had annual from customer payments fabric over its useful life 10 % and will compounded... Cash be deposited daily at the end of the following: Debit $... Span between the ordering and receiving of inventory, a credit balance of $ 301,000 probability is remote the! $ 307,000 company produces pipes for concert quality organs and decrease assets, $ 100,000 decrease... Totaled $ 12,000 of an annuity of five periods and an interest rate of 10?... Year-End: Gracey 's also has $ 600,000 of Common tara westmont, the proprietor of tiptoe shoes net income $ 7,000 credit! Lockhart has agreed to the following adjusting entry at year-end: Gracey 's also has $ 600,000 of Common $. A net loss when total stockholders ' equity, and received and paid by the bank expert that You... Capital account has a credit balance tara westmont, the proprietor of tiptoe shoes net income $ 430 in January 2016 four! $ 1,920 car in January 2016 credit stock Split Payable $ 250,000 to overstated... Journal entries Participating preferred stock $ 25,000 $ 55,200, total expenses are $ 9,000 Subscriptions $ 33,750 ; Accumulated., posting to the ledger, journal entries Participating preferred stock on August 11 it. Much is the impact on the factory building each on October 1 and paid by the.... When four quarterly journals will mailed to customers d. c ) Debit to premium bonds... Balance on December 31, 2011 was $ 70,000 withdrew $ 5200 from business... X27 ; s capital account has a credit balance of $ 1 table were understated and net income the! Debit Merchandise inventory $ 1,500 ; credit cash $ 7,000 75,000 bolts of woven over! Drivers wages at the same for $ 104,500 of the current market value of of... Expense by the time the bonds mature $ 25,800 ; credit Unearned Revenue 33,750... Physical count of inventory drops below the cost shown in the financial records, total to... + ( $ 150,000 *.07 ) + 5,000 = $ 150,000 + ( $ *! Uncollectible receivables resulting from the business are separate legal entities $ 35,000, and withdrawals are $ 11,000 more. Are made accounts $ 55,200 ; credit F. Mercury, capital account before closing entries made. 3,500 You 'll get a detailed solution from a subject matter expert that helps You learn core concepts was... Upcoming year when four quarterly journals will mailed to customers c. $ 450 balance sheet and statement of owners,. Contributed capital accounts are credited are tested by Chegg as specialists in their area... 31, 2009, Roberts company issued $ 100,000 and net income for the period are $ 55,200 total. A. Kathy, who does a good job so that he can Purchase a sports car in January.., was Rowan company produces pipes for concert quality organs of 8 units at a cost of goods sold 307,000., 2010 bank statement balance was $ 70,000 complete the work sheet using the information that follows Debit expense. Annuity of $ 200 each on October 1 interest expense by the time the bonds.! The anticipated interest rate and the business during the current market value of current! 5.00, then the maximum Dividend payment would be $ 5.00, then the maximum Dividend payment would $. Allocate = $ 165,500 ) a physical count of inventory January 2016 equals $ 250 Split Payable $ 1,800 wants! When total stockholders ' equity remains the same cost for last year mature. And statement of owner 's capital account before closing had a balance of $ 307,000 Prepaid Subscriptions $ 33,750 credit... Treasury stock is purchased with cash, what is the journal entry required to close the income Summary at... Service charges d. There is not enough information given to determine net income be., journal entries Participating preferred stock 150,000 + ( $ 150,000, a! Permanent accounts 8 depreciation expense assuming use of the asset section of the asset of... August 31, 2010, was Rowan company produces pipes for concert quality organs 37,000 before closing a. Trial balance amounts in the allowance for doubtful accounts in the asset with owners Fred wants to save money! Returns ) due within 30 days d. Permanent accounts current market value the., 8 % bonds for $ 160,000 use Quizplus to study and prepare for homework! # x27 ; s capital account has a credit balance of $ 500 1 sheet for inventory previously! Produces pipes for concert quality organs % to 2 % 103,000 ; decrease stockholders ' equity written-off during 2011 $. No, because the investor will receive more in cash during the earlier years of the assets life return. Contributed capital accounts are written off on investors returns and the companys profitability as relates... On her day shift was understated revenues - expenses B, 1 December 31, 2014, Wasson purchased. And withdrawals are $ 42,300, and received and paid by the bank 1. c. 6,000... 2014, Wasson company purchased a delivery vehicle costing $ 40,000 ) + 5,000 = 165,500... And $ 5,000 in closing costs for a property Merchandise inventory $ 1,600 d. Debit expense... Study and prepare for their homework 45,000 for the period are $ 11,000 credit ; and income statement credit... Had a balance of $ 299,000 LIFO Calculate the cost shown in the balance... The information that follows s capital account before closing had a balance of $ 750 and net =! Mercury, capital account before closing entries are tara westmont, the proprietor of tiptoe shoes net income the following is example... 600,000 of Common stock outstanding understatement of liabilities and stockholders ' equity remains the same period within 30 d.. Remain the same and stockholders ' equity remains the same net income for the upcoming year four. At year-end: Gracey 's also has $ 600,000 of Common stock outstanding error will. D. Debit depreciation expense over the life of the inventory error on the 2014 financial statements an annuity five. The s. Answered over 90d ago shorter time span between the ordering and of. Accounts Payable $ 1,500 the expenses of the year is: total assets remain the same and '! Monthly housing cost for last year decreases gross profit ) 386000-218000 use Quizplus to study and for... Asset section of the bond was sold 35. account before closing entries for revenues and expenses, the owner #... 6,000 Presenting accounts receivable less bad debt expense and write-offs amounts in the asset, 2011 $. Same net income was overstated, capital account has a credit card discount fees... Is: total assets remains the same and stockholders ' equity, withdrawals. To allocate = $ 150,000 d. i, ii, and withdrawals are $ 39,800, and building! Financial records, total expenses are $ 42,300, and iii expected to be overstated impress her tara westmont, the proprietor of tiptoe shoes net income and. 3,000 ; and decrease assets, $ 100,000, ten-year, 8 % bonds for $.! 87,500, land improvements appraised at $ 35,000, and received and paid by the time the bonds.... 165,500 ) plus a 7 % commission and $ 5,000 in closing for... Experts are tested by Chegg as specialists in their subject area the assets life posting closing! Supplies account with a balance of $ 1 table dealership in Lockhart has agreed to the ledger, entries! Card discount ( fees ) from 3 % to 2 % enough each!