Kmu Culver Retailers accepted $70000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 5% for itscredit card use. The entry to record this transaction by Culver Retallers will include a credit to Sales Revepue of $70000 and a debit to(or debits to)Accounts Receivable $66500 and Service Charge Expense $3500.Accounts Receivable $70000.O Cash $66500 and Interest Expense $3500.Cash $66500 and Service Charge Expense $3500.

Journal Entry :— It is an act of recording transactions in books of account when transaction…

Culver Retailers accepted $70000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 5% for its credit card use. The entry to record this transaction by Culver Retailers will include a credit to Sales Revenue of $70000 and a debit to (or debits to) Accounts Receivable $66500 and Service Charge Expense $3.500. O Accounts Receivable $70000. O Cash $66500 and Interest Expense $3500. Cash $66500 and Service Charge Expense $3500