Robin Corporation accepted credit cards for $34,200 of services performed in October 2011. The credit card company charged a 3% service fee and paid Robin as soon as it received the credit card receipts.

a) Prepare the general journal entry to record performance of the services.

b) Prepare the general journal entry for collection of the receivable from the credit card company.

Answer rating: 100% (QA)

This is a strange one Normally major credit cards would be treated same as cash a... View the full answer