Credit Card Sales: The Tin Roof accepts cash, personal checks, and two credit cards when customers buy merchandise. With the Great American Bank Card, The Tin Roof receives an immediate deposit in its checking account when credit card sales slips are deposited at the bank. The bank charges a two percent fee. With the United Merchants Card, The Tin Roof mails the credit card sales slips to United Merchants regional processing center each day. United Merchants accumulates these slips for three days and then mails a check to The Tin Roof, after deducting a two percent fee. Prepare journal entries to record the following: a. Sales for March 15 were as follows:

1. Sales for March 15 were as follows:

2. Received a check for $3,906 from United Merchants on March 20.

(Please explain process)

$1,700 2,500 1,400 $5,600 Cash and checks Great American Bank Card (Deposited at the end of the day). . . . . . . . . . . . . . . . . . . . . . . . United Merchants Card (Mailed at the end of the day)