Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A customer pays for legal services for $3,200 using her bank credit card. The service fee the bank charges the retailer is 3.5%. The entry
A customer pays for legal services for $3,200 using her bank credit card. The service fee the bank charges the retailer is 3.5%. The entry made to record the transaction by the retailer is Select one a. debit Cash $3,200: credit Service Revenue, $3,200 b. debit Cash, $3,200 credit Service Revenue 53,088 credit Bank Card payable $112 c debit Cash. 53,088, debit Credit Card Expense. $112; credit Service Revenue 53,200 d. debit Accounts Receivable, 53.088, debit Credit Card Expense. 5112: credit Service Revenue, $3,200 edebit Cash 53.088 Credit Service Revenue, 53,088 A business is preparing its monthly bank reconciliation based on the following Cash per books, December 11, 57,900 Outstanding cheques. $2500: Interest expense, 5275: Deposits in transit $150; EFT collections by bank $950 and NSF cheque, 5310 The adjusted cash balance per books on December 31 is Select one: a $8.265 b. 58.815 56.915 d:57 900
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started