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expeople1 [14]
3 years ago
12

P. Jameson Co. sold $500 of merchandise on Master Card credit sales. The net cash receipts from the sale are immediately deposit

ed in the seller's bank account. Master Card charges a 4% fee. The journal entry to record this sales transaction would include a:
Business
1 answer:
Alchen [17]3 years ago
4 0

Answer:

The journal entry would be as follows:

Account                                  Debit           Credit

Cash                                       $480

Sales Revenue                                           $500

Credit Card Expense                                 $20

The Credit Card Expense corresponds to the 4% fee that Master Card charged P. Jameson Co. ($500 x 20% = $20)

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