Question
The Kenai Company sold $600 worth of merchandise to a customer who used a National Bank credit card. National Bank deducts a 3% service charge
The Kenai Company sold $600 worth of merchandise to a customer who used a National Bank credit card. National Bank deducts a 3% service charge for sales on your credit cards. Kenai electronically submits credit card sales receipts to the credit card company and receives payment immediately.
Record the journal entry for the collection from the credit card company.
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For a normal sale transaction where cash is Collected immediately the Entr...
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Fundamental Accounting Principles
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
20th Edition
1259157148, 78110874, 9780077616212, 978-1259157141, 77616219, 978-0078110870
