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23 October, 11:47

MacKenzie Company sold $300 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 1.5% service charge for sales on its credit cards and credits MacKenzie's account immediately when sales are made. The journal entry to record this sale transaction would be:

a. Debit Cash of $300 and credit Sales $300.

b. Debit Cash of $300 and credit Accounts Receivable $300.

c. Debit Accounts Receivable $300 and credit Sales $300.

d. Debit Cash $295.50 and credit Sales $295.50.

e. Debit Cash $295.50; debit Credit Card Expense $4.50 and credit Sales $300

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  1. 23 October, 12:55
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    The correct answer is e. Debit cash $295.50; Credit card expense $4.50 and credit sales $300.
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