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Fast Cat Running Shoes reports the following:

$($i$)($Click the icon to view the transaction information.$)$

Journalize all entries required for Fast CatRunning Shoes. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

May $4,2024$: Recorded credit card sales of $$130,000,$ net of processor fee of $1\%.$ Ignore Cost of Goods Sold. $($Prepare a single compound journal entry.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[2024],[$May $1],[,,,],[,,,],[,,,],[,,,]]$

More info

$2024$

May $1$

Recorded Premiere Express credit card sales of $$130,000,$ net of processor fee of $1\%.$ Ignore Cost of Goods Sold.

May $15$ Recorded Centura credit card sales of $$88,000.$ Processor charges a $3\%$ fee. Centura charges the fee at the end of the month, therefore Fast Cat uses the gross method for these credit card sales. Ignore Cost of Goods Sold.

May $31$ Centura collected the fees for the month of May. Assume the May $15$ transaction is the only Centura credit card sale.