Question: Presented below are two independent transactions. (a) Fiesta Restaurant accepted a Visa card in payment of a $175 lunch bill. The bank charges a 4%

Presented below are two independent transactions.
(a) Fiesta Restaurant accepted a Visa card in payment of a $175 lunch bill. The bank charges a 4% fee. What entry should Fiesta make?
(b) St. Charles Company sold its accounts receivable of $70,000. What entry should St.
Charles make, given a service charge of 3% on the amount of receivables sold?

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