A company received cash sales of $15000. They also collected $43000 in receivables during the month. Answer questions 4 to 6 with this information.
4. What is the journal entry for the collection of the receivables?
5. What is the journal entry for the collection of the sales?
6. If the sales received were all made by credit cards with a fee of 1.25%, what would be the journal entry for cash?
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