Credit Card Sales Darlenes Diner accepts American Express credit cards from its customers. Darlenes is closed on
Question:
Credit Card Sales Darlene’s Diner accepts American Express® credit cards from its customers. Darlene’s is closed on Sundays and on that day records the weekly sales and remits the credit card drafts to American Express. For the week ending on Sunday, June 12, cash sales totaled $2,430 and credit card sales amounted to $3,500. On June 15, Darlene’s received $3,360 from American Express as payment for the credit card drafts. Identify and analyze the transactions on June 12 and June 15. As a percentage, what collection fee is American Express charging Darlene?
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The effect of the transaction on June 12 can be ide...View the full answer
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Related Book For 
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
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