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Culver Retailers accepted $70000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 5% for its credit card use. The
Culver Retailers accepted $70000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 5% for its credit card use. The entry to record this transaction by Culver Retailers will include a credit to Sales Revenue of $70000 and a debit(s) to O Accounts Receivable $70000. O Accounts Receivable $66500 and Service Charge Expense $3500. O Cash $66500 and Service Charge Expense $3500. O Cash $66500 and Interest Expense $3500
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