23)

Simonic Retailers accepted $86000of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 6% for its credit card use. The entry to record this transaction by Simonic Retailers will include a credit to Sales Revenue of $86000 and a debit(s) to

A) Accounts Receivable $86000.

B) Cash $80840 and Service Charge Expense $5160.

C) Accounts Receivable $80840 and Service Charge Expense $5160.

D) Cash $80840 and Interest Expense $5160.

24)

A $161 petty cash fund has cash of $36 and receipts of $112. The journal entry to replenish the account would include a

A) credit to Cash for $125.

B) debit to Cash for $112.

C) credit to Petty Cash for $112.

D) credit to Cash Over and Short for $13