Use this information to answer the following question. Chupka Company experienced the following events during the period:
1. A tabulation of invoices at the end of the day showed $ \$ 800 $ in MasterCard invoices, which were deposited in a bank account at full value less a 5 percent discount.

2. Made a sale on American Express card for $ \$ 400 $ and mailed invoice to American Express for payment. The discount charged by American Express is 4 percent. The entry to record transaction 1 would include an increase in

Question

Use this information to answer the following question. Chupka Company experienced the following events during the period:
1. A tabulation of invoices at the end of the day showed $ \$ 800 $ in MasterCard invoices, which were deposited in a bank account at full value less a 5 percent discount.

2. Made a sale on American Express card for $ \$ 400 $ and mailed invoice to American Express for payment. The discount charged by American Express is 4 percent. The entry to record transaction 1 would include an increase in

Quizplus · Accepted Answer

The discount on the MasterCard invoices is 5% of $800, which is $40. Therefore, the entry would include an increase in Credit Card Expense for $40.

Use This Information to Answer the Following Question $800 \$ 800 $800

Use This Information to Answer the Following Question $\$ 800$