MacKenzie Company sold $220 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 5.0% fee for sales on its credit cards. The journal entry to record this sales transaction would be: Multiple Choice Debit Cash $209.00; debit Credit Card Expense $11.00 and credit Sales $220. Debit Cash of $220 and credit Accounts Receivable-Regional $220. Debit Cash of $220 and credit Sales $220. О Debit Cash $209.00 and credit Sales $209.00. О Debit Accounts Receivable-Regional $209.00; debit Credit Card Expense $11.00 and credit Sales $220.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
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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MacKenzie Company sold $220 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 5.0% fee for sales on
its credit cards. The journal entry to record this sales transaction would be:
Multiple Choice
Debit Cash $209.00; debit Credit Card Expense $11.00 and credit Sales $220.
Debit Cash of $220 and credit Accounts Receivable-Regional $220.
Debit Cash of $220 and credit Sales $220.
О
Debit Cash $209.00 and credit Sales $209.00.
О
Debit Accounts Receivable-Regional $209.00; debit Credit Card Expense $11.00 and credit Sales $220.
Transcribed Image Text:MacKenzie Company sold $220 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 5.0% fee for sales on its credit cards. The journal entry to record this sales transaction would be: Multiple Choice Debit Cash $209.00; debit Credit Card Expense $11.00 and credit Sales $220. Debit Cash of $220 and credit Accounts Receivable-Regional $220. Debit Cash of $220 and credit Sales $220. О Debit Cash $209.00 and credit Sales $209.00. О Debit Accounts Receivable-Regional $209.00; debit Credit Card Expense $11.00 and credit Sales $220.
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