Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts: Mastercard $756 Visa 486   The merchant's charges are 1.8% for Mastercard and 2.1% for Visa. Frank's also had cash sales of $375 and $800 of sales on credit to a local business. Required: Prepare the journal entry to record these sales.

Question

Accounting for Credit Card Sales

Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts:

Mastercard $756
Visa 486

 

The merchant's charges are 1.8% for Mastercard and 2.1% for Visa. Frank's also had cash sales of $375 and $800 of sales on credit to a local business.

Required:

Prepare the journal entry to record these sales.

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