Joe Sanji purchases books from Canada Books Co. for $1,000, using his Royal Bank Financial Group...
Joe Sanji purchases books from Canada Books Co. for $1,000, using his Royal Bank Financial Group VISA card. The service fee the bank charges is 3%. The entry made to record the transaction by Canada Books is
Cash 1,000
Sales 1,000
Cash 970
Credit Card Expense 30
Sales 1,000
Cash 970
Sales 970
Accounts Receivable—VISA 970
Credit Card Expense 30
Sales 1,000
Homework Answers
Answer: debit cash $1,000; credit sales $1,000
Service charge is not applicable in sellers’ book, which is C B Company.
This charge is applicable to purchaser, since the person is using the card.
Therefore, the entry in C B Company’s book would be cash receiving entry in debit and sales revenue entry in credit. Cash is an asset, therefore debited; sale is an income; therefore credited.
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Joe Sanji purchases books from Canada Books Co. for $1,000,
using his Royal Bank Financial Group...
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show working
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Need help please asap.
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