Luna Company accepted credit cards in payment for $$6,000$ of services performed during July Year $1.$ The credit card company charged Luna a $4$ percent service fee; it paid Luna as soon as it received the invoices.

$2$

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a$.$ Prepare the general journal entry to record the service revenue.

b$.$ Prepare the general journal entry for the collection of the receivable from the credit card company.

c$.$ Based on this information alone, what is the amount of net income earned during the month of July?

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References

Based on this information alone, what is the amount of net income earned during the month of July?

Net income