Robinson Corporation accepted credit cards for $36,200 of services performed in October 2013. The credit card company charged a 3 ½% service fee and paid Robinson as soon as it received the credit card receipts.
Required:
a) Prepare the general journal entry to record performance of the services.
b) Prepare the general journal entry for collection of the receivable from the credit card company.

Question

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The Answer of Robinson Corporation accepted credit cards for $36,200 of services performed in October 2013. The credit card company charged a 3 ½% service fee and paid Robinson as soon as it received the credit card receipts.
Required:
a) Prepare the general journal entry to record performance of the services.
b) Prepare the general journal entry for collection of the receivable from the credit card company.

Robinson Corporation Accepted Credit Cards for $36,200 of Services Performed