Jeff Retailers accepted $75,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 2% for its credit card use. The entry to record this transaction by Jeff Retailers will include a credit to Sales Revenue of $75,000 and a debit(s) to Accounts Receivable $73,500 and Service Charge Expense $1,500. Accounts Receivable $75,000. Cash $73,500 and Service Charge Expense $1,50. Cash $73,500 and Interest Expense $1,500.
Jeff Retailers accepted $75,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 2% for its credit card use. The entry to record this transaction by Jeff Retailers will include a credit to Sales Revenue of $75,000 and a debit(s) to Accounts Receivable $73,500 and Service Charge Expense $1,500. Accounts Receivable $75,000. Cash $73,500 and Service Charge Expense $1,50. Cash $73,500 and Interest Expense $1,500.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...
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![QUESTION 30
Jeff Retailers accepted $75,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 2% for its credit card use.
The entry to record this transaction by Jeff Retailers will include a credit to Sales Revenue of $75,000 and a debit(s) to
Accounts Receivable $73,500 and Service Charge Expense $1,500.
Accounts Receivable $75,000.
Cash $73,500 and Service Charge Expense $1,500.
Cash $73,500 and Interest Expense $1,500.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4bc502b4-e31f-452a-b52a-70db0b36d17e%2F0b58d586-8d8d-4d60-bb47-9ba510a578d2%2F0xmnaec_processed.png&w=3840&q=75)
Transcribed Image Text:QUESTION 30
Jeff Retailers accepted $75,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 2% for its credit card use.
The entry to record this transaction by Jeff Retailers will include a credit to Sales Revenue of $75,000 and a debit(s) to
Accounts Receivable $73,500 and Service Charge Expense $1,500.
Accounts Receivable $75,000.
Cash $73,500 and Service Charge Expense $1,500.
Cash $73,500 and Interest Expense $1,500.
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