MacKenzie Company sold $740 of merchandise to a customer who used a Regional Bank credit card. Regional Bank de?
M Company sold $740 of merchandise to a customer who used a Regional Bank credit card.Regional Bank deducts a 2.5% service charge for sales on its credit cards and credits M account immediately when sales are made Journal entry:
Debit Cash of $740 and credit Sales $740.
Debit Cash of $740 and credit Accounts Receivable $740.
Debit Accounts Receivable $740 and credit Sales $740.
Debit Cash $721.5; debit Credit Card Expense $18.5 and credit Sales $740.
Debit Cash $721.5 and credit Sales $721.5.