Restaurants do a large volume of business by credt and debit cards. Suppose Sala

Question

Restaurants do a large volume of business by credt and debit cards. Suppose Salad Company restaurant had these transactions on January 28, 2018 EEB (Click the icon to view the transactions.) pp Read the requirements ssu amt Requirement 1. Suppose Salad Company's processor charges a 4% fee and deposits sales net of the fee Journalize these sale transactions for the restaurant Record debits first, then credits. Select the explanatión on the läst line jof the journal entry table) Journalize the credit sales net of the fee, first Dat Accounts and Explanation Debit Credit Jul 31 Now lournalize the debit card sales net of the feo At Ju Choose from any list or enter any number in the input helos and then contnue to the next question endir cos Save for Later

Explanation / Answer

SOLUTION

Requirement -1

S.No. Account titles and Explanation Debit ($) Credit ($) 1. Cash 9,888 Credit Card Expense ($10,300*4%) 412 Sales Revenue 10,300 (To record credit card sales, net of fee) 2. Cash 4,800 Credit Card Expense ($5,000*4%) 200 Sales Revenue 5,000 (To record debit card sales, net of fee)

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