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On May 10, Renn Company sold merchandise for $3,700 and accepted the customers First Business Bank MasterCard. At the end of the day, the First

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On May 10, Renn Company sold merchandise for $3,700 and accepted the customers First Business Bank MasterCard. At the end of the day, the First Business Bank MasterCard receipts were deposited in the companys bank account. First Business Bank charges a 4.8% service charge for credit card sales. Prepare the entry on Renn Companys books to record the sale of merchandise

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