Homework Help is Here – Start Your Trial Now!
Business
Accounting
Johnson Company accepted a bank-issued credit card in payment of a $1,200 sales transaction. The credit card company charges 2% to process the transaction. The journal entry to record the sales transaction will include (Ignore cost of goods sold.): OA a debit to Cash for $1,200 and a credit to Sales Revenue for $1,200. OB. a debit to Cash for $1,200, a debit to Credit Card Discount Expense for $24 and a credit to Sales Revenue for $1,224. O C. a debit to Accounts Receivable for $1,176 and a credit to Sales Revenue for $1,176. O D. a debit to Cash for $1,176, a debit to Credit Card Discount Expense for $24 and a credit to Sales Revenue for $1,200

Johnson Company accepted a bank-issued credit card in payment of a $1,200 sales transaction. The credit card company charges 2% to process the transaction. The journal entry to record the sales transaction will include (Ignore cost of goods sold.): OA a debit to Cash for $1,200 and a credit to Sales Revenue for $1,200. OB. a debit to Cash for $1,200, a debit to Credit Card Discount Expense for $24 and a credit to Sales Revenue for $1,224. O C. a debit to Accounts Receivable for $1,176 and a credit to Sales Revenue for $1,176. O D. a debit to Cash for $1,176, a debit to Credit Card Discount Expense for $24 and a credit to Sales Revenue for $1,200

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Quesiotn attached thanks for the help

1l3pt13pg13lpg41lhp2oth2tpoh2

arg

leol

Johnson Company accepted a bank-issued credit card in payment of a $1,200 sales transaction. The credit card company charges 2% to process the transaction. The journal entry to record the sales transaction will include (Ignore cost of goods sold.): O A. a debit to Cash for $1,200 and a credit Sales Revenue for $1,200. O B. a debit to Cash for $1,200, a debit to Credit Card Discount Expense for $24 and a credit to Sales Revenue for $1,224. O C. a debit to Accounts Receivable for $1,176 and a credit to Sales Revenue for $1,176. O D. a debit to Cash for $1,176, a debit to Credit Card Discount Expense for $24 and a credit to Sales Revenue for $1,200.
Transcribed Image Text:Johnson Company accepted a bank-issued credit card in payment of a $1,200 sales transaction. The credit card company charges 2% to process the transaction. The journal entry to record the sales transaction will include (Ignore cost of goods sold.): O A. a debit to Cash for $1,200 and a credit Sales Revenue for $1,200. O B. a debit to Cash for $1,200, a debit to Credit Card Discount Expense for $24 and a credit to Sales Revenue for $1,224. O C. a debit to Accounts Receivable for $1,176 and a credit to Sales Revenue for $1,176. O D. a debit to Cash for $1,176, a debit to Credit Card Discount Expense for $24 and a credit to Sales Revenue for $1,200.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS