Provide the journal entry for card sales revenue

Reference no: EM132087985

Question: Write your answer in the space provided or on a separate sheet of paper.

Tom's Fit Inc. a readymade garment seller accepts payment through credit cards. During the month of August, the card sales amounted to $12,000. The processor charges a 3% fee. Assume that the processor nets the deposits. Provide the journal entry for card sales revenue.

Tom s Fit Inc. a readymade garment seller accepts payment through credit cards. During the month of August, the card sales amounted to $12,000. The processor charges a 3% fee. Assuming that the credit card processor uses the gross method, provide the journal entries for the receipt of funds and the collection of tees at the end of the period.

Reference no: EM132087985

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