On June 14, Year 1, Sure-Fit Shoe Store sold $12,000 of merchandise that cost $8,000 and accepted credit cards as payment. Sure-Fit electronically transmitted the credit card forms to the credit card company which charges a 3% fee to handle such transactions. On June 18, Year 1, Sure-Fit received the proceeds from the credit card company.How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements?
How will the entry to record the credit card proceeds on June 18, Year 1, affect the company's financial statements?

Question

On June 14, Year 1, Sure-Fit Shoe Store sold $12,000 of merchandise that cost $8,000 and accepted credit cards as payment. Sure-Fit electronically transmitted the credit card forms to the credit card company which charges a 3% fee to handle such transactions. On June 18, Year 1, Sure-Fit received the proceeds from the credit card company.How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements?
  How will the entry to record the credit card proceeds on June 18, Year 1, affect the company's financial statements?

Quizplus · Accepted Answer

The Answer of On June 14, Year 1, Sure-Fit Shoe Store sold $12,000 of merchandise that cost $8,000 and accepted credit cards as payment. Sure-Fit electronically transmitted the credit card forms to the credit card company which charges a 3% fee to handle such transactions. On June 18, Year 1, Sure-Fit received the proceeds from the credit card company.How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements?
  How will the entry to record the credit card proceeds on June 18, Year 1, affect the company's financial statements?

On June 14, Year 1, Sure-Fit Shoe Store Sold $12,000