Phoenix Restaurants accepts credit and debit cards as forms of payment. Assume Phoenix had $12,000 of credit and debit card sales on June 30, 2017. 9. Suppose Phoenix's processor charges a 2% fee and deposits sales net of the fee. Journalize the sale transaction for the restaurant. 10. Suppose Phoenix's processor charges a 2% fee and deposits sales using the gross method. Journalize the sale transaction for the restaurant.

Phoenix Restaurants accepts credit and debit cards as forms of payment. Assume Phoenix had $12,000 of credit and debit card sales on June 30, 2017. 9. Suppose Phoenix's processor charges a 2% fee and deposits sales net of the fee. Journalize the sale transaction for the restaurant. 10. Suppose Phoenix's processor charges a 2% fee and deposits sales using the gross method. Journalize the sale transaction for the restaurant.

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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Phoenix Restaurants accepts credit and debit cards as forms of payment. Assume Phoenix had $12,000 of credit and debit card
sales on June 30, 2017.
9. Suppose Phoenix's processor charges a 2% fee and deposits sales net of the fee. Journalize the sale transaction for the
restaurant.
10. Suppose Phoenix's processor charges a 2% fee and deposits sales using the gross method. Journalize the sale transaction for
the restaurant.

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