Gannon Company collected a receivable due from a credit card transaction company; the credit card fee had previously been recognized when the sale was recorded. Show the effect of collection of the receivable on Gannon's financial statements.

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The Answer of Gannon Company collected a receivable due from a credit card transaction company; the credit card fee had previously been recognized when the sale was recorded. Show the effect of collection of the receivable on Gannon's financial statements.

Gannon Company Collected a Receivable Due from a Credit Card