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Carrier Products allows customers to use bank credit cards to charge purchases. The bank used by Carrier Products processes all bank credit cards in exchange
Carrier Products allows customers to use bank credit cards to charge purchases. The bank used by Carrier Products processes all bank credit cards in exchange for a 3% processing fee and all credit card receipts deposited are credited to the company account on the day of deposit. Assume that on January 8, Carrier Products sold and deposited $18,300 worth of bank credit card receipts. Prepare the general journal entry to record this transaction.
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