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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Kmu
Transcribed Image Text: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 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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education