Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. mackenzie company sold $360 of merchandise to a cu

MacKenzie Company sold $360 of merchandise to a customer who used a Regional Bank credit...

70.2K

Verified Solution

Question

Accounting

MacKenzie Company sold $360 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 1.0% service charge for sales on its credit cards and credits MacKenzie's account immediately when sales are made. The journal entry to record this sale transaction would be:

  • Debit Cash of $360 and credit Sales $360.

  • Debit Cash of $360 and credit Accounts Receivable $360.

  • Debit Accounts Receivable $360 and credit Sales $360.

  • Debit Cash $356.40; debit Credit Card Expense $3.60 and credit Sales $360.

  • Debit Cash $356.40 and credit Sales $356.40.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students