Mahomes incustries allows its customers use credit cards to pay for services provided. Mahomes sold...
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Accounting
Mahomes incustries allows its customers use credit cards to pay for services provided. Mahomes sold $30,000 worth of services on a VISA credit card. The net cash receipts are immediately deposited into Mahomes bank account. VISA charges a 4% fee. The journal entry to record this transaction would include a A debit to Cash for $30,000 A credit to Sales for $28,800 A debit to Cash for $28,800 A debit to Accounts Receivable for $28,800 A debit to Accounts Receivable for $30,000
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