Historically, 60 percent of the customer bills at the Andrews' Supper Club have been paid with cash
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Historically, 60 percent of the customer bills at the Andrews' Supper Club have been paid with cash or check, and 40 percent have been paid using either the Great American Bank Card or the United Merchants Card. Andrews pays a four percent fee with both cards. Great American Bank deposits cash in Andrews' checking account when the credit card sales slips are deposited. United Merchants makes an electronic funds transfer three days after the sales slips are mailed. Prepare journal entries to record the following:
a. Sales for September 10 were as follows:
b. On September 13, Andrews received an electronic funds transfer from United Merchants for the September 10 sales.
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