On November 1, 2013, Gannon Company accepted a credit card as payment for $2,500 of services rendered to one of its customers. Assume the credit card fee of 3% is recorded on the date of the sale. Show the effect of this transaction on Gannon's financial statements.

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The Answer of On November 1, 2013, Gannon Company accepted a credit card as payment for $2,500 of services rendered to one of its customers. Assume the credit card fee of 3% is recorded on the date of the sale. Show the effect of this transaction on Gannon's financial statements.

On November 1, 2013, Gannon Company Accepted a Credit Card