Newland Retailers accepted $75,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 4% for its credit card use. The entry to record this transaction by Newland Retailers will include a credit to Sales of $75,000 and a debit(s) to Question 16 options: A) Accounts Receivable $75,000 B) Cash $72,000 and Service Charge Expense $3,000 C) Cash $72,000 and Interest Expense $3,000 D) Accounts Receivable $72,000 and Service Charge Expense $3,000
Newland Retailers accepted $75,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 4% for its credit card use. The entry to record this transaction by Newland Retailers will include a credit to Sales of $75,000 and a debit(s) to Question 16 options: A) Accounts Receivable $75,000 B) Cash $72,000 and Service Charge Expense $3,000 C) Cash $72,000 and Interest Expense $3,000 D) Accounts Receivable $72,000 and Service Charge Expense $3,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Newland Retailers accepted $75,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 4% for its credit card use. The entry to record this transaction by Newland Retailers will include a credit to Sales of $75,000 and a debit(s) to
Question 16 options:
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