Consider these transactions: (a) Albanese Restaurant accepted a Visa card in payment of a $100 lunch bill.

Question:

Consider these transactions:

(a) Albanese Restaurant accepted a Visa card in payment of a $100 lunch bill. The bank charges a 3% fee. What entry should Albanese make?

(b) Beverly Company sold its accounts receivable of $68,000. What entry should Beverly make, given a service charge of 3% on the amount of receivables sold?

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