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Credit Card Sales The Bedroom Store accepts cash, personal checks, and two credit cards when customers buy merchandise. With the Great American Bank Card, The Bedroom Store receives an immediate deposit in its checking account when credit card sales slips are deposited at the bank. The bank charges a five percent fee. With the United Merchants Card, The Bedroom Store mails the credit card sales slips to United Merchants regional processing center each day. United Merchants accumulates these slips for three days and then mails a check to The Bedroom Store, after deducting a two percent fee. Prepare journal entries to record the following:

a.	Sales for March 15 were as follows:
	Cash and checks	$2,550
	Great American Bank Card (Deposited at the end of the day)	3,300
	United Merchants Card (Mailed at the end of the day)	2,100
		$7,950
b.	Received a check for $8,745 from United Merchants on March 20.

a.

General Journal
Date	Description	Debit	Credit
Mar.15	Cash
	Accounts Receivable - United Merchants
	To record cash and credit card sales.

b.

General Journal
Date	Description	Debit	Credit
Mar.20
	To record receipt of check from United Merchants.

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