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v Luna Company accepted credit cards in payment for $6,000 of services performed during July Year 1. The credit card company charged Luna a 4
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Luna Company accepted credit cards in payment for $6,000 of services performed during July Year 1. The credit card company charged Luna a 4 percent service fee; it paid Luna as soon as it received the invoices. Required a. Prepare the general journal entry to record the service revenue. b. Prepare the general journal entry for the collection of the receivable from the credit card company. c. Based on this information alone, what is the amount of net income earned during the month of July? Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Debit Prepare the general journal entry to record the service revenue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal Credit Accounts receivable 5,760 Credit card expense 230 Required B A 1 euro Prepare the general journal entry for the collection of the receivable from the credit card company. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Transaction General Journal Debit Credit Accounts receivable Credit card expense Sales revenue 5,760 240 6,000 X Step by Step Solution
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