1. Given the following information: Lusy Company has an agreement with a major c

Question

1. Given the following information:

Lusy Company has an agreement with a major credit card company which calls for cash to be received immediately upon deposit of Lusy customers' credit card sales receipts. The credit card company receives 3% of card sales as its fee. If Lusy has $5,000 in credit card sales, which of the following statements are true?

  Petty cash balance: $530.00     Postage receipt: $25.30     Business meal receipt: $54.51     Courier receipt: $74.52     Office supplies receipt: $95.94     Cash on hand at the end of the month: $300.01  

Explanation / Answer

1.       Credit $20.28 2. Lusy debits Cash $4,850 3.       $88,015

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