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Gorp Corp. has an agreement with a major credit card company which calls for cash to be received immediately upon deposit of Gorp customers credit
Gorp Corp. has an agreement with a major credit card company which calls for cash to be received immediately upon deposit of Gorp customers credit card sales receipts. The credit card company receives 3.5% of card sales as its fee. Today Gorp has $2,000 in credit card sales. The journal entry to record the sales transactions will include which of the following?
A. Debit Accounts ReceivableCredit Card Co $2,000
B. Debit Accounts ReceivableCredit Card Co $1,930
C. Debit Cash $2,000
D. Debit Cash $1,930
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