Jung Company accepted credit cards in payment for $8,650 of services performed during March
2016. The credit card company charged Jung a 4 percent service fee. The credit card company paid Jung as soon as it received the invoices.
Required
a. Prepare the general journal entry to record the service revenue.
b. Prepare the general journal entry for the collection of the receivable from the credit card company.
c. Based on this information alone, what is the amount of net income earned during the month of March?