Restaurants do a large volume of business by credit and debit cards. Suppose Lakeside
Resort restaurant had these transactions on January 28:

Requirements
1. Suppose Lakeside Resort’s processor charges a 2% fee and deposits sales net of
the fee. Journalize these sales transactions for the restaurant.
2. Suppose Lakeside Resort’s processor charges a 2% fee and deposits sales using the
gross method. Assume that on January 28, the company pays the fees assessed by
the credit card processor. Journalize these sales transactions for the restaurant.

Transcribed Image Text:

National Express credit card sales ValueCard debit card sales $ 20,800 20,000