Restaurants do a large volume of business by credit and debit cards. Suppose Summer, Sand, and Castles Resort restaurant had these transactions on January 28, 2018:
National Express credit card sales ........................ $ 10,800
ValueCard debit card sales ................................ 10,000
Requirements
1. Suppose Summer, Sand, and Castles Resort's processor charges a 2% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant.
2. Suppose Summer, Sand, and Castles Resort's processor charges a 2% fee and deposits sales using the gross method. Journalize these sales transactions for the restaurant.