Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mackenzie Company sold $420 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 2.5% fee for sales on
Mackenzie Company sold $420 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 2.5% fee for sales on its credit cards. The journal entry to record this sales transaction would be: Multiple Choice Debit Cash of $420 and credit Sales $420. Debit Cash of $420 and credit Accounts Receivable $420. Debit Accounts Receivable $420 and credit Sales $420. Debit Cash $409.50; debit Credit Card Expense $10.50 and credit Sales $420. Debit Cash $409.50 and credit Sales $409.50
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started