On July 4 Alice\'s Restaurant accepts a Visa card for a $300dinner bill. Visa ch

Question

On July 4 Alice's Restaurant accepts a Visa card for a $300dinner bill. Visa charges a 3% service fee.

Prepare the entry on Alice's books related to thetransaction. (Round to 0 decimal places. For multiple debit/credit entries, list in order ofmagnitude.)

E8-16 On July 4 Alice's Restaurant accepts a Visa card for a $300dinner bill. Visa charges a 3% service fee. Prepare the entry on Alice's books related to thetransaction. (Round to 0 decimal places. For multiple debit/credit entries, list in order ofmagnitude.)

Explanation / Answer

Account description - Sales Journal entry Cash               Dr                291 Service charge expense  Dr                   9    Sales          300 Explanation 300*3% = $ 9.00 is the service charge.

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