On May 10 Cheng Company sold merchandise for $4,000 and accepted the customers First Business Bank MasterCard.
Question:
On May 10 Cheng Company sold merchandise for $4,000 and accepted the customer’s First Business Bank MasterCard. At the end of the day, the First Business Bank MasterCard receipts were deposited in the company’s bank account. First Business Bank charges a 3% service charge for credit card sales.
Instructions Prepare the entry on Cheng Company's books to record the sale of merchandise.
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Related Book For 
Financial Accounting Tools For Business Decision Making
ISBN: 9780471347743
2nd Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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