Stelloh's Berry Farm accepted a bank-issued credit card in payment of a $1,600 sales transaction.Stelloh's bank charges 1% to process the transaction.The journal entry to record the sales transaction will include (Ignore cost of goods sold. ) :
A) a debit to Accounts Receivable for $1,584 and a credit to Sales Revenue for $1,584.
B) a debit to Cash for $1,600 and a credit to Sales Revenue for $1,600.
C) a debit to Cash for $1,584,a debit to Credit Card Discount Expense for $16 and a credit to Sales Revenue for $1,600.
D) a debit to Accounts Receivable for $1,600,a debit to Credit Card Revenue for $16 and a credit to Sales Revenue for $1,616.
Correct Answer:
Verified
Q15: The shipping terms in the sales contract
Q16: For retailers,a way to speed up cash
Q17: Nichols Company has shipped goods to one
Q18: To satisfy a performance obligation means that:
A)the
Q19: Revenue should be recognized when it is
Q21: On December 1,Macy Company sold merchandise with
Q22: When journalizing for an actual sales return,there
Q23: The multiple subsidiary ledgers for accounts receivable
Q24: On December 2,a customer returned merchandise,with a
Q25: By selling on credit,companies run the risk
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents