MacKenzie Company sold $480 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 2.0% fee for sales on its credit cards. The Journal entry to record this sales transaction would be: Multiple Choice Debit Cash of $480 and credit Accounts Receivable $480. Debit Cash $470.40; debit Credit Card Expense $9.60 and credit Sales $480. O Debit Cash $470.40 and credit Sales $470.40. O Debit Cash of $480 and credit Sales $480. O Debit Accounts Receivable $480 and credit Sales $480.
MacKenzie Company sold $480 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 2.0% fee for sales on its credit cards. The Journal entry to record this sales transaction would be: Multiple Choice Debit Cash of $480 and credit Accounts Receivable $480. Debit Cash $470.40; debit Credit Card Expense $9.60 and credit Sales $480. O Debit Cash $470.40 and credit Sales $470.40. O Debit Cash of $480 and credit Sales $480. O Debit Accounts Receivable $480 and credit Sales $480.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
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
Transcribed Image Text:MacKenzie Company sold $480 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 2.0% fee for sales on
its credit cards. The Journal entry to record this sales transaction would be:
Multiple Choice
Debit Cash of $480 and credit Accounts Receivable $480.
Debit Cash $470.40; debit Credit Card Expense $9.60 and credit Sales $480.
O
Debit Cash $470.40 and credit Sales $470.40.
O
Debit Cash of $480 and credit Sales $480.
O
Debit Accounts Receivable $480 and credit Sales $480.
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