Question
Suppose Turning Leaves Continental Breakfast'sTurning Leaves Continental Breakfast's processor charges a 6% fee and deposits sales using the gross method. Journalize these sale transactions for
Suppose Turning Leaves Continental Breakfast'sTurning Leaves Continental Breakfast's processor charges a 6% fee and deposits sales using the gross method. Journalize these sale transactions for the restaurant. (For purposes of this problem, only record the sales revenue portion of these transactions using the gross method. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
First journalize the credit sales using the gross method.
National Express credit card sales $11200
Valuecard debit card sales $11000
My answers were considered incorrect, thanks!
| Accounts and Explanation | Debit | Credit | ||
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| Cash | 10528 |
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| Credit Card Expense | 672 |
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| Sales Revenue |
| 11200 |
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| Recorded credit card sales, net of fee. |
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