Question

Andee’s Restaurant accepts three credit cards: Verra Express, United Card, and Mac Card. Sales information for Andee’s first three days in business is given below.
The following payments were directly deposited into Andee’s bank account on Sept.8:
•$710.50 from Verra Express for the sales on September 2 and 3.
•$257.28 from United Card for the sales on September 2 and 3.
•$143.49 from Mac Card for the sales on September 2.
Required:
(a) Record the journal entries for the sales on September 2, 3, and 4. Because of the delay in processing caused by the long weekend, Andee’s Restaurant uses an Account Receivable for each credit card company to record the sales until deposits are received.
(b) Record the journal entries for the direct deposits on September 8.
(c) What percent fee does each credit card company charge?
(d) How might Andee’s employees encourage customers to use the credit card with the lowest service fee?


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  • CreatedMarch 27, 2015
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