On May 10, Cullumber Company sold merchandise for $3,600 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 4.0% service charge for credit card sales. Prepare the entry on Cullumber Company's books to record the sale of merchandise. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date May 10 Account Titles and Explanation Debit
On May 10, Cullumber Company sold merchandise for $3,600 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 4.0% service charge for credit card sales. Prepare the entry on Cullumber Company's books to record the sale of merchandise. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date May 10 Account Titles and Explanation Debit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject : Accounting
Transcribed Image Text:On May 10, Cullumber Company sold merchandise for $3,600 and accepted the
customer's Best Business Bank MasterCard. At the end of the day, the Best Business
Bank MasterCard receipts were deposited in the company's bank account. Best
Business Bank charges a 4.0% service charge for credit card sales.
Prepare the entry on Cullumber Company's books to record the sale of merchandise.
(Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account
titles are automatically indented when amount is entered. Do not indent manually. If no entry
is required, select "No Entry" for the account titles and enter O for the amounts.)
Date
May 10
Account Titles and Explanation
Debit
Transcribed Image Text:On May 10, Cullumber Company sold merchandise for $3,600 and accepted the
customer's Best Business Bank MasterCard. At the end of the day, the Best Business
Bank MasterCard receipts were deposited in the company's bank account. Best
Business Bank charges a 4.0% service charge for credit card sales.
Prepare the entry on Cullumber Company's books to record the sale of merchandise.
(Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account
titles are automatically indented when amount is entered. Do not indent manually. If no entry
is required, select "No Entry" for the account titles and enter O for the amounts.)
tion
Debit
Credit
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