Anchor Sales accepts credit cards from its customers.Assume Anchor makes a sale of $100 and the processor charges a 3% fee.Assume that the credit card processing company uses the gross method of depositing funds.This method employs a sequence of two separate journal entries to record the revenue transaction and settlement with the processor.Please provide the first journal entry made by Anchor to record the sales revenue.
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Question

Anchor Sales accepts credit cards from its customers.Assume Anchor makes a sale of $100 and the processor charges a 3% fee.Assume that the credit card processing company uses the gross method of depositing funds.This method employs a sequence of two separate journal entries to record the revenue transaction and settlement with the processor.Please provide the first journal entry made by Anchor to record the sales revenue.
 $$\begin{array} { | l | l | l | } 
\hline \quad\quad& \quad&\quad \
\hline & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Anchor Sales accepts credit cards from its customers.Assume Anchor makes a sale of $100 and the processor charges a 3% fee.Assume that the credit card processing company uses the gross method of depositing funds.This method employs a sequence of two separate journal entries to record the revenue transaction and settlement with the processor.Please provide the first journal entry made by Anchor to record the sales revenue.
 $$\begin{array} { | l | l | l | } 
\hline \quad\quad& \quad&\quad \
\hline & & \
\hline
\end{array}$$

Anchor Sales Accepts Credit Cards from Its Customers \begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline\end{array}​​​​

Anchor Sales Accepts Credit Cards from Its Customers $\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline\end{array}$