Slide12 - Recording Charge Card Transactions Suppose VISA...

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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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