ACC 291 Week 1 chapter 8 quiz

Feb 3rd, 2012
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Course: ACC 291
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Blinka Retailers accepted $50,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 4% for its credit card use. The entry to record this transaction by Blinka Retailers will include a credit to Sales of $50,000 and a debit(s) to: a. Cash $48,000 and Service Charge Expense $ 2,000 b. Accounts Receivable $48,000 and Service Charge Expense $ 2,000 c. Cash $50,000 d. Accounts Receivable $50,000

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