Carrier Products allows customers to use bank credit cards to charge purchases. The bank used by Carrier Products processes all bank credit cards in exchange for a 3% processing fee and all credit card receipts deposited are credited to the company account on the day of deposit. Assume that on January 8, Carrier Products sold and deposited $18,300 worth of bank credit card receipts. Prepare the general journal entry to record this transaction.
| Date | Account title and explanation | Debit | Credit |
| Jan. 8 | Cash (18,300x97%) | 17,751 | |
| Credit card expense (18,300x3%) | 549 | ||
| Sales | 18,300 |
Carrier Products allows customers to use bank credit cards to charge purchases. The bank used by...