The journal entry to record this sale transaction

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Reference no: EM13915404

MacKenzie Company sold $320 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 5.0% service charge for sales on its credit cards. MacKenzie electronically remits the credit card sales receipts to the credit card company and receives payment in approximately 5 days. The journal entry to record this sale transaction would be:

a Debit Cash of $320 and credit Sales $320.

b Debit Cash of $320 and credit Accounts Receivable-Regional $320.

c Debit Accounts Receivable-Regional $304.0; debit Credit Card Expense $16.0 and credit Sales $320.

d Debit Cash $304.0; debit Credit Card Expense $16.0 and credit Sales $320.

e Debit Cash $304.0 and credit Sales $304.0

Reference no: EM13915404

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