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Chassoul & Company pays a three percent credit card fee on all credit sales, and receives a cash deposit immediately following each credit card transaction.
Chassoul & Company pays a three percent credit card fee on all credit sales, and receives a cash deposit immediately following each credit card transaction. If credit sales for the company total $25,000 on January 15, what journal entry should be recorded to recognize the receipt of cash and the credit card fee expense? Debit Cash $24,250; debit Credit Card Fee Expense $750 Debit Cash $24,250; credit Credit Card Fee Expense $750 Debit Cash $25,750; debit Credit Card Fee Expense $750 Debit Cash $25,750; credit Credit Card Fee Expense $750
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