Hankco accepts all major bank credit cards, including Omni Bank\'s, which assess

Question

Hankco accepts all major bank credit cards, including Omni Bank's, which assesses a 4% charge on sales for using its card. On June 28, Hankco had $3,500 in Omni Card credit sales. What entry should Hankco make on June 28 to record the deposit? Debit Accounts Receivable $3,360; debit Credit Card Expense $140; credit Sales $3,500. Debit Cash $3,500; credit Sales $3,500. Debit Cash $3,360; debit Credit Card Expense $140; credit Sales $3,500. Debit Accounts Receivable $3,500; credit Sales $3,500. Debit Cash $3,640; credit Credit Card Expense $140; credit Sales $3,500.

Explanation / Answer

d. Debit Cash $3,360; debit Credit Card Expense $140; credit Sales $3,500.

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