1. Calvin Company made a sale for $8,000 on 12/5 on a credit card to a customer. The bank charges 3% to process the transaction. The journal entry for this transaction includes the following:

• A. Debit Accounts Receivable 7,760 and Debit Credit card discount 240
• B. Debit Accounts Receivable 8,000 and Debit Credit card discount 240
• C. Credit the credit card discount 240 and credit sales
• D. Debit Sales 8,000 and debit credit card discount 240

2.

The date of the financial statement is 12/31. What is the adjusting journal on 12/31 for the following transaction: A total of $10,000 was received on October 31 for 5 months work.

• A. Credit to Revenue $6,000
• B. Debit to Unearned Revenue $4,000
• C. Debit to Unearned Revenue $6,000
• D. Credit to Revenue $10,000