Record the following journal entries: 1) Completed a $5,000 credit card sale with a 1% fee (the cost of sales was $2,500). The cash is transferred immediately from the credit card company. 2) On December 16th, accepted a $12,000, 90 day, 10% note in granting a customer a time extension on his past due account receivable. 3) On December 31st (15 days later), made an adjusting entry to record the accrued interest on the note. 4) On March 15th, received full payment of principle and interest on the customer note.

4 Record the following journal entries: 1 Completed a $5,000 credit card sale with a 1% fee (the cost of sales was $2,500). The cash is transferred immediately from the credit card company. 2 On December 16th, accepted a $12,000, 90 day, 10% note in granting a customer a time extension on his past due account receivable. 3 On December 31st (15 days later), made an adjusting entry to record the accrued interest on the note. 4 On March 15th, received full payment of principle and interest on the customer