Culver Retailers accepted $70000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 5% for its credit card use. The entry to record this transaction by Culver Retailers will include a credit to Sales Revenue of $70000 and a debit to (or debits to) Accounts Receivable $66500 and Service Charge Expense $3.500. O Accounts Receivable $70000. O Cash $66500 and Interest Expense $3500. Cash $66500 and Service Charge Expense $3500
Culver Retailers accepted $70000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 5% for its credit card use. The entry to record this transaction by Culver Retailers will include a credit to Sales Revenue of $70000 and a debit to (or debits to) Accounts Receivable $66500 and Service Charge Expense $3.500. O Accounts Receivable $70000. O Cash $66500 and Interest Expense $3500. Cash $66500 and Service Charge Expense $3500
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...
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