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8. Crystal Products allows customers to use bank credit cards to charge purchases. The bank...

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Accounting

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8. Crystal Products allows customers to use bank credit cards to charge purchases. The bank used by Crystal Products processes all bank credit cards in exchange for a 3% processing fee. All credit card receipts deposited are credited to the company account on the day of deposit. Assume that on January 18, Crystal Products sold and deposited $19,000 worth of bank credit card receipts. Prepare the general journal entry, including journal entry explanation, to record this transaction. Three (3) points Debit Credit Date Account Titles and Explanation

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