Schofield Retailers accepted $40000 of Silver Bank MasterCard credit card charges for merchandise sold on August...
Schofield Retailers accepted $40000 of Silver Bank MasterCard credit card charges for merchandise sold on August 1. Silver Bank charges 4% for its credit card use. The entry to record this transaction by Schofield Retailers will include a credit to Sales Revenue of $40000 and a debit(s) to
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Accounts Receivable for $40000. |
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Accounts receivable for $38400 and Service Charge Expense for $2400. |
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Cash for $38400 and Service Charge Expense for $1600. |
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Cash for $40000. |
Homework Answers
Sales = $ 40,000
Service Charge Expense = $ 40,000 *4%
= $ 1,600
Cash = $ 40,000 * (100% -4%)
= $ 38,400
Hence the correct answer is :
Cash for $38400 and Service Charge Expense for $1600
Add Answer to:
Schofield Retailers accepted $40000 of Silver Bank MasterCard
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