Higgins Company Accepts Bank Cards,which Charge a Fee of 4 $\begin{array}{lll}\text { Cash } & 58,200 & \\\quad \text { Sales } & & 58,200 \\\end{array}$

Higgins Company accepts bank cards,which charge a fee of 4% on sales.The company had gross sales of $60,000,of which 25% were cash sales and the remainder was credit sales that are solely attributable to bank cards.The company uses the periodic inventory system.Which of the following is the journal entry for Higgins Company?

A) $\begin{array}{lll}\text { Cash } & 58,200 & \\\quad \text { Sales } & & 58,200 \\\end{array}$

B) $\begin{array}{lccc}\text { Cash } & 15,000 & \\\text { Accounts Receivable } & 43,200 & \\\quad \text { Sales } & & 58,200\\\end{array}$

C) $\begin{array}{lccc}\text { Cash } &57,600 & \\\text { Cash discounts for Bank Cards } & 2,400& \\\quad \text { Sales } & & 60,000 \\\end{array}$

D) $\begin{array}{lccc}\text { Cash } & 58,200 & \\\text { Cash Discounts for Bank Cards } & 1,800 & \\\quad \text { Sales } & & 60,000\\\end{array}$

E) $\begin{array}{lccc}\text { Cash } & 15,000 & \\\text { Accounts Receivable } & 43,200 & \\\text { Cash Discounts on Bank Cards } & 1,800 & \\\quad \text { Sales } & & 60,000\end{array}$