Phoenix Restaurants accepts credit and debit cards as forms of payment. Assume Phoenix had $12,000 of credit and debit card sales on June 30, 2017. 9. Suppose Phoenix's processor charges a 2% fee and deposits sales net of the fee. Journalize the sale transaction for the restaurant. 10. Suppose Phoenix's processor charges a 2% fee and deposits sales using the gross method. Journalize the sale transaction for the restaurant.
Phoenix Restaurants accepts credit and debit cards as forms of payment. Assume Phoenix had $12,000 of credit and debit card sales on June 30, 2017. 9. Suppose Phoenix's processor charges a 2% fee and deposits sales net of the fee. Journalize the sale transaction for the restaurant. 10. Suppose Phoenix's processor charges a 2% fee and deposits sales using the gross method. Journalize the sale transaction for the restaurant.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Phoenix Restaurants accepts credit and debit cards as forms of payment. Assume Phoenix had $12,000 of credit and debit card
sales on June 30, 2017.
9. Suppose Phoenix's processor charges a 2% fee and deposits sales net of the fee. Journalize the sale transaction for the
restaurant.
10. Suppose Phoenix's processor charges a 2% fee and deposits sales using the gross method. Journalize the sale transaction for
the restaurant.
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