The caf has credit card sales of $1,000, and the processing fee payable to the credit card company is 2%. The cash register is linked directly to the credit card company. The cash is received immediately with a deduction taken for the fee.
Match the terms in column A with the appropriate items in column B to complete the journal entry
Column A
Cash
Credit Card Expense, Fee
Credit Card Sales
Column B
Debit: $20
Credit: $20
Debit: $980
Credit: $980
Debit: $1,000
Credit: $1,000
Answer & Explanation
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