Elliston Company accepted credit card payments for $10,000 of services provided to customers.The credit card company charges a 3% service charge.This transaction would

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The service charge of 3% on $10,000 is $300, so the net amount received is $9,700. This amount increases Retained Earnings as it reflects the net income from the transaction.

Elliston Company Accepted Credit Card Payments for $10,000 of Services