Journalize the sale transaction for the restaurant

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Question - Peter Restaurants accepts credit and debit cards as forms of payment. Assume Peter had 10,000 of credit and debit card sales on November 30, 2017.

Suppose Peter's processor charges a 1% fee and deposits sale net of the fee. Journalize the sale transaction for the restaurant. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.)

Suppose Peter's processor charges a 1% fee and deposits sales using the gross method. Journalize the sale transaction for the restaurant.

Reference no: EM132673066

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