Merchant Company purchased property for a building site. The…

Merchant Company purchased property for a building site. The costs associated with the property were: Purchase Price                                             $ 185,000 Real estate commission                                 $  15,000 Legal fees                                                    $      700 Expenses of clearing the land                         $    2,000 Expenses to remove the old building               $    4,000   What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building?

Jervis accepts all major bank credit cards, including those…

Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which assesses a 3% charge on sales for using its card. On June 28, Jervis had $3,500 in credit card sales all of which were paid for using a NB Card credit card. What entry should Jervis make on June 28 to record the deposit?