Exercise $7-14$A $($Static$)$ Recording Credit Card Sales LO $7-6$

Luna Company accepted credit cards in payment for $$6,000$ of services performed during July Year $1.$ The credit card company charged Luna a $4$ percent service fee; it paid Luna 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 July?