8. A company sells $10,000 of goods to a customer who pays with a credit card....
8. A company sells $10,000 of goods to a customer who pays with a credit card. The Credit Card company charges a 2.5% service charge. No cash is received. Record the sale of goods.
Homework Answers
Solution
| Transaction | General journal | Debit | Credit |
| 1 | Cash | $ 9,750.00 | |
| Credit card Charges | $ 250.00 | ||
| Sales revenue | $ 10,000.00 | ||
| (goods sold) |
-In the question "no cash is received" means no cash is received from customer.
Sales revenue will be $10,000 Although credit card charges will be written in income statement as expense and cash will be recorded net f of charged. (10000-250= $9750)
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