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30 March, 08:04

On July 4, Blossom's Restaurant accepts a Visa card for a $150 dinner bill. Visa charges a 2% service fee. Prepare the entry on Blossom's books related to the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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  1. 30 March, 08:24
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    The journal entry is shown below.

    Explanation:

    According to the scenario, the journal entry for the given data are as follows:

    Journal entry

    Jul. 4 Cash A/c Dr $147

    Card charges A/c Dr. $3

    To Sales revenue A/c $150

    (Being card transaction is recorded)

    Computation:

    Cash = $150 - 2% * $150 = $147

    Card charges = $150 * 2% = $3
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