Citibank charges 4% for its credit card use. The entry to record this transaction by New Millenium
Question:
Citibank charges 4% for its credit card use. The entry to record this transaction by New Millenium Retailers will include a credit to Sales of $50,000 and a debit(s) to:
(a) Cash $48,000 and Service Charge Expense $2,000.
(b) Accounts Receivable $48,000 and Service Charge Expense $2,000.
(c) Cash $50,000.
(d) Accounts Receivable $50,000.
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Related Book For 
Financial Accounting Tools For Business Decision Making
ISBN: 9780471691952
3rd Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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