Question

A Stello's Berry Farm accepted a bank-issued credit card in payment of a $1,300 sales transaction. Stelloh's bank charges 3% to process the transaction. The Journal entry to record the sales transaction will include (Ignore cost of goods sold) O A. a debit to Cash for $1,300 and a credit to Sales Revenue for $1,300 OB. a debit to Accounts Recevable for $1,261 and a credit to Sales Revenue for $1,261 O C. a debit to Accounts Receivable for $1,300, a debit to Credit Card Revenue for $39 and a credit to Sales Revenue for $1.339 O D. a debit to Cash for $1.261, a debit to Credit Card Fee for $39 and a credit to Sales Revenue for $1,300 Click to select your answer How do I prepare an AR aging report? pe here to search

Answer 1

Particulars	Debit	Credit
Cash	$ 1,261
Credit card fees	$ 39
Sales revenue		$ 1,300

The above is the correct journal entry to record the transaction given in the question. Thus the correct option in the given question is (D)