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Mackenzie Company sold $460 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 6.0% service charge for sales
Mackenzie Company sold $460 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 6.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record this sale transaction would be: Multiple Choice Debit Cash of $460 and credit Sales $460. Debit Cash of $460 and credit Accounts Receivable-Regional $460. Debit Accounts ReceivableRegional $432.40; debit Credit Card Expense $27.60 and credit Sales $460. Debit Cash $432.40; debit Credit Card Expense $27.60 and credit Sales $460. Debit Cash $432.40 and credit Sales $432.40
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