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26 January, 23:51

P. Jameson Co. sold $500 of merchandise on Master Card credit sales. The net cash receipts from the sale are immediately deposited in the seller's bank account. Master Card charges a 4% fee. The journal entry to record this sales transaction would include a:

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  1. 27 January, 00:23
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    The journal entry would be as follows:

    Account Debit Credit

    Cash $480

    Sales Revenue $500

    Credit Card Expense $20

    The Credit Card Expense corresponds to the 4% fee that Master Card charged P. Jameson Co. ($500 x 20% = $20)
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Home » Business » P. Jameson Co. sold $500 of merchandise on Master Card credit sales. The net cash receipts from the sale are immediately deposited in the seller's bank account. Master Card charges a 4% fee.
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