Consider these transactions: (a) Bella Restaurant accepted MasterCard for payment of a $200 dinner. The bank charges
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Consider these transactions:
(a) Bella Restaurant accepted MasterCard for payment of a $200 dinner. The bank charges a 4% fee. What entry should Bella Restaurant make?
(b) Frantella Ltd sold its accounts receivable of $50 000. What journal entry should Frantella make, given a service charge of 4% on the amount of receivables sold?
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Related Book For
Financial Accounting Reporting Analysis And Decision Making
ISBN: 9780730313748
5th Edition
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
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