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Dear student, only one question is allowed at a time. I am answering the first question
Since the payments are received immediately from credit card company, there is no question of accounts receivable
Total Sales value = $580
Service charge percentage = 4%
Credit card expenses = Total Sales Value x Service Charge percentage
= $580 x 4%
Net amount received from credit card company
= Total sales value – Credit card expenses
= $580 - $23.20
The Journal entry will be as follows
|Date||Particulars||Amount Dr||Amount Cr|
|xxxx||Cash or Bank||556.8|
|Credit card expenses||23.2|
|( Being sales made through card )|
So, as per above discussion, option D is the correct option
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card....
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