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Question

How do I solve the below????


Morrison Mountain Medical Clinic (MMMC) accepts credit card

payments from its patients. Following are the batched transactions for June 11.


(1) Total charges on MasterMoney and Wisa credit cards were $21,000. These cards are "bank cards" and MMMC receives daily cash settlement directly to its bank account, net of service charges of 1.5%.


(2) Total charges on USExpress cards were $3,000. This card is not a bank card, and settlement does not occur until approximately two weeks following the date of the transaction. USExpress is known to charge a 4% fee, and this amount is recorded on the day of sale.


Prepare journal entries for the credit card transactions. Be sure to include a separate entry for the eventual collection of the USExpress charges. 

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