132 Recommend accepts the Nova credit card sales . Tecom sends credit card recei

Question

132 Recommend accepts the Nova credit card sales . Tecom sends credit card receipt to na on a weekly basis.Nova charges Tacoma 2% fee.Tecom usually receives payment from Nova within a week .prepare Journal entries to record the following transaction of Tecom involving the Nova credit card
March 11.. sold mechanised for $4,500 ( that had cost $2,200) and accepted the customers Nova card. Transferred the credit card receipt to Nova requesting payment.
March 29.. Received Nova's check for the March 11 billing, less the service

Explanation / Answer

11-Mar Accounts Receivable – NOVA 4410 Credit Card Expense 90 =4500*2%       Sales 4500 20-Mar Cash 4410      Accounts Receivable – NOVA 4410 Note: The journal entry for cost is:(if required) Cost of goods sold 2200       Merhandise inventory 2200

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