Presented below are two independent transactions. LO4 (a) Raja Restaurant accepted a VISA card in payment of
Question:
Presented below are two independent transactions. LO4
(a) Raja Restaurant accepted a VISA card in payment of a $200 lunch bill. The bank charges a 3 percent fee. What entry should Raja make?
(b) Wendy Company sold its accounts receivable of $80,000. What entry should Wendy make, given a service charge of 3 percent on the amount of receivables sold?
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Related Book For
Hospitality Financial Accounting
ISBN: 9780471270553
1st Edition
Authors: Jerry J Weygandt, Donald E Kieso, Paul D Kimmel, Agnes L DeFranco
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