Presented below are two independent transactions. a. Fiesta Restaurant accepted a Visa card in payment of a €175 lunch bill. The bank charges a 4% fee. What entry should Fiesta make? b. St. Pierre Company sold its accounts receivable of €70,000. What entry should St. Pierre make, given a service charge of 3% on the amount of receivables sold?

Presented below are two independent transactions. a. Fiesta Restaurant accepted a Visa card in payment of a €175 lunch bill. The bank charges a 4% fee. What entry should Fiesta make? b. St. Pierre Company sold its accounts receivable of €70,000. What entry should St. Pierre make, given a service charge of 3% on the amount of receivables sold?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4MC: A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and...

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