Messing company has an agreement with a third-party credit card company, which calls for cash to be received immediately upon de

Question

3 years ago

11

Messing company has an agreement with a third-party credit card company, which calls for cash to be received immediately upon de

posit of customers' credit card sales receipts. the credit card company receives 3.5 percent of card sales as its fee. messing has $4,000 in credit card sales on january 1. prepare the january 1 journal entry for messing company by selecting the account names and dollar amounts from the drop-down menus.

Business

1 answer:

Svetlanka [38] · Answer 1 · 2022-07-19T05:08:13+03:00

Svetlanka [38]3 years ago

8 0

Cash $3860

Credit Expense $140

Sales $4,000

(3.5% of $4,000= $140)