Question

Thomas co. sold $1,000 worth of merchandise on a bank credit card less a 3ee. the entry to record the sales transaction would include a debit to cash in the amount of?

Answer 1

The amount of the sales transaction would include a debit to cash is $970.

How is the percentage determined?

• The percentage is a value that has been multiplied by 100. In this manner, expressing 25% of a value is equivalent to expressing 25% out of 100, or 25% divided by 100.
• Simply multiply the total by the percentage to determine the precise number of absentees from the event.

So: 160 x 25% = 160 (25/100) = 160 x 0.25 = 40

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

1000 x (1-0,03)

1000 x 0,97 = 970$

So, the amount of debt to cash that would entry to the record sales would be 970$.

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