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Prepare journal entries necessary to record info on sm shoes

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SM Shoes Co. sold P210,000 or merchandise during the month of December, which was charged to a VISA credit card. On December 15, SM bills the independent VISA credit card company for these sales and is assessed a 5% service charge. On December 21, a customer returns merchandise originally sold for P2,000 and SM notifies the credit card company of the return. On December 27, the credit card company remitted the amount owed to SM Shoes Co.

Problem 1: Prepare the journal entries necessary to record this information on SM Shoes Co.

Reference no: EM132784330

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