Selecom Company accepts the NOVA credit card for credit card sales. Selecom Company sends credit card receipts to NOVA on a weekly basis. NOVA charges Selecom Company a 2% fee. Selecom Company usually receives payment from NOVA within a week. Make necessary journal entries in the books of Selecom Company. March 11 Sold merchandise for $4,500 to customers who use the NOVA credit card and deposited the credit card receipts. March 20 Received cash proceeds less the service charge for the March 14 deposit to NOVA.