Mackenzie Company sold $560 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 $560 and credit Sales $560. Debit Cash of $560 and credit Accounts Receivable $560. Debit Accounts Receivable $560 and credit Sales $560. Debit Cash $548.80; debit Credit Card Expense $11.20 and credit Sales $560.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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TB MC Qu. 07-148 (Algo) MacKenzie Company sold...
Mackenzie Company sold $560 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 $560 and credit Sales $560.
Debit Cash of $560 and credit Accounts Receivable $560.
Debit Accounts Receivable $560 and credit Sales $560.
Debit Cash $548.80; debit Credit Card Expense $11.20 and credit Sales $560.
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Transcribed Image Text:Help Save & Exit Submit TB MC Qu. 07-148 (Algo) MacKenzie Company sold... Mackenzie Company sold $560 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 $560 and credit Sales $560. Debit Cash of $560 and credit Accounts Receivable $560. Debit Accounts Receivable $560 and credit Sales $560. Debit Cash $548.80; debit Credit Card Expense $11.20 and credit Sales $560. < Prev 15 of 20 Next 15 tv MacBook Air DII DD F2 F3 F4 F5 F7 F8 F9 #3 24 & * 3 6. 7 8 W R Y
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