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E8-4A. Credit Card Sales Jamie's Fabrics accepts cash, personal checks, and two credit cards when...

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E8-4A. Credit Card Sales Jamie's Fabrics accepts cash, personal checks, and two credit cards when custom ers buy merchandise. With the Great American Bank Card, Jamie's Fabrics receives an immediate de a three percent fee. With the United Merchants Card, Jamie's Fabrics mails the credit card sales Slips posit in its checking account when credit card sales slips are deposited at the bank. The bank charges to United Merchants' regional processing center each day. United Merchants accumulates these stap for two days and then mails a check to Jamie's Fabrics, after deducting a three percent fee. Prepan b. Prepare the en 3 journal entries to record the following: a. Sales for March 15 were as follows: Cash and checks Great American Bank Card (Deposited at the end of the day). United Merchants Card (Mailed at the end of the day). . $ 950 1,200 700 $2,850 b. Received a check for $1,900 from United Merchants on March 20. SA Mwa

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