Clothesall Inc.,a readymade garment seller,accepts payment through credit cards.During the month of August,the card sales amounted to $12,000.The processor charges a 3% fee.Assuming that the credit card processor uses the gross method,provide the journal entries for the receipt of funds and the collection of fees at the end of the period.

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The Answer of Clothesall Inc.,a readymade garment seller,accepts payment through credit cards.During the month of August,the card sales amounted to $12,000.The processor charges a 3% fee.Assuming that the credit card processor uses the gross method,provide the journal entries for the receipt of funds and the collection of fees at the end of the period.