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BE8-8 Presented below are two independent transactions. (a) Fiesta Restaurant accepted a Visa card in payment of a 175 lunch bill. The bank charges a

BE8-8 Presented below are two independent transactions.

(a) Fiesta Restaurant accepted a Visa card in payment of a 175 lunch bill. The bank charges a 4% fee. What entry should Fiesta make?

(b) St. Pierre AG sold its accounts receivable of 70,000, What entry should St. Pierre make, given a service charge of 3% on the amount of receivables sold?

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