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Kenal Company sold $600 of merchandise to a customer who used a National Bank credit card. National Bank deducts a 3% service charge for sales
Kenal Company sold $600 of merchandise to a customer who used a National Bank credit card. National Bank deducts a 3% service charge for sales on its credit cards. Kenal electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The Journal entry to record the collection from the credit card company would be
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