Unformatted text preview: Recording Charge
Card Transactions - Suppose VISA charges a company a straight 3%
of sales for its credit card services - Credit sales of$10,000 will result in cash of only
$9,700 [$10,000 — (0.03 X $10,000)] - Thejournal entry is: Cash 9,700 Cash discounts for bank cards 300
Sales 10,000 ...
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- Fall '07
- Financial Accounting