Johnson Company accepted a bank-issued credit card in payment of a $1,200 sales transaction. The credit card company charges 2% to process the transaction. The journal entry to record the sales transaction will include (Ignore cost of goods sold.): OA a debit to Cash for $1,200 and a credit to Sales Revenue for $1,200. OB. a debit to Cash for $1,200, a debit to Credit Card Discount Expense for $24 and a credit to Sales Revenue for $1,224. O C. a debit to Accounts Receivable for $1,176 and a credit to Sales Revenue for $1,176. O D. a debit to Cash for $1,176, a debit to Credit Card Discount Expense for $24 and a credit to Sales Revenue for $1,200
Johnson Company accepted a bank-issued credit card in payment of a $1,200 sales transaction. The credit card company charges 2% to process the transaction. The journal entry to record the sales transaction will include (Ignore cost of goods sold.): OA a debit to Cash for $1,200 and a credit to Sales Revenue for $1,200. OB. a debit to Cash for $1,200, a debit to Credit Card Discount Expense for $24 and a credit to Sales Revenue for $1,224. O C. a debit to Accounts Receivable for $1,176 and a credit to Sales Revenue for $1,176. O D. a debit to Cash for $1,176, a debit to Credit Card Discount Expense for $24 and a credit to Sales Revenue for $1,200
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...
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