On March 4, Micro Sales makes $10,500 in sales on bank credit cards that charge a 3% service charge and deposits the funds into Micro Sales' bank accounts at the endof the business day.Journalize the sales and recognition of expense as a single journal entry. If an amount box does not require an entry, leave it blank.Mar. 4

Journal: It is the systematic record of a financial transaction recorded in a chronological order.

Answered: On March 4, Micro Sales makes $10,500…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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If Abby INC sells items to a customer who uses a credit card for $1100 and there is a credit card fee of 1.5% Abby will record an : ______ Round your final answer to the nearest dollar A. DEBIT TO ACCOUNT RECIEABLE FOR $1083 B. Credit to sales revenue for $1083 C. debit to sales expense for $17 D. Debit to credit card discount expense for $17

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