AP-25A

Toms Bistro

AP-25A LO 3 Tom's Bistro operates as a restaurant. Its customers can pay by cash, debit or credit card. For each debit transaction, Tom pays $0.15. For credit cards, he pays 3% of the total of credit card transactions. On March 22, 2018, Tom compiled the following summary for the work day. Transaction Type Total Number of Transactions $2,203 Cash Debit Card Credit Card 3,731 Required a) Calculate the total debit/credit card expense for March 22. b) Record the journal entry for the day's sales. (Ignore COGS.) Debit Credit Date Account Title and Explanation