On march 4, micro sales makes $4,850 in sales on bank credit cards which charge a 2.5% service charge and deposits the funds into micro sales' bank accounts at the end of the business day. required: journalize the sales and recognition of expense. refer to the chart of accounts for exact wording of account titles. round your answers to two decimal places.

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Business

Walter Howe

9 December, 09:20

On march 4, micro sales makes $4,850 in sales on bank credit cards which charge a 2.5% service charge and deposits the funds into micro sales' bank accounts at the end of the business day. required: journalize the sales and recognition of expense. refer to the chart of accounts for exact wording of account titles. round your answers to two decimal places.

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Danielle Morales · Answer 1

When the sales is made, you have to journalize the following:

Dr Accounts receivable 4,728.75 Dr Credit Card expenses 121.25 Cr Sales revenue 4,850

When the credit card bank transfers you the money, you must journalize the following:

Dr Cash 4,728.75 Cr Accounts receivable 4,728.75