Blinka Retailers accepted $50,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank

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Blinka Retailers accepted $50,000 of Citibank Visa credit card charges for merchandise sold on July 1.

Citibank charges 4% for its credit card use. The entry to record this transaction by Blinka Retailers will include a credit to Sales Revenue of $50,000 and a debit(s) to:

(a) Cash $48,000 and Service Charge Expense $2,000

(b) Accounts Receivable $48,000 and Service Charge Expense $2,000

(c) Cash $50,000

(d) Accounts Receivable $50,000

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Financial Accounting

ISBN: 9781119298229,9781119305842

10th Edition

Authors: Jerry J. Weygandt , Donald E. Kieso , Paul D. Kimmel

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Question Posted: Feb 11, 2024 05:04 AM

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Blinka Retailers accepted $50,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank

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a Credit card sales are considered cash sales Cash ...View the full answer

Financial Accounting

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