Question

Thomas Co. sold $1,000 worth of merchandise on a bank credit card with a 3% fee. The entry to record the sales transaction would include a debit to Cash in the amount of $

Answer 1

The amount of debt to casj that would entry to the record sales would be 970$.

This because, the cash amount that will be received is equal to sales values multiplied by one less the credit card fee.

With that being said:

1000 x (1-0,03)

1000 x 0,97 = 970$

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