Question

Please answer.

Credit Card Sales The Tin Roof accepts cash, personal checks, and two credit cards when customers buy merchandise. With the Great American Bank Card, The Tin Roof receives an immediate deposit in its checking account when credit card sales slips are deposited at the bank. The bank charges a 4% fee. With the United Merchants Card, The Tin Roof mails the credit card sales slips to United Merchants' regional processing center each day. United Merchants accumulates these slips for three days and then mails a check to The Tin Roof, after deducting a 3% fee. Prepare journal entries to record the following:

a.	Sales for March 15 were as follows:
	Cash and checks	$1,000
	Great American Bank Card (Deposited at the end of the day)	1,200
	United Merchants Card (Mailed at the end of the day)	800
		$3,000
b.	Received a check from United Merchants on March 20 for:	$5,078

a.

General Journal
Date	Description	Debit	Credit
Mar.15	Cash	$Answer Incorrect 0.00 points out of 1.00	$Answer Correct 1.00 points out of 1.00
	Accounts Receivable - United Merchants	Answer Incorrect 0.00 points out of 1.00	Answer Correct 1.00 points out of 1.00
	AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue Correct 1.00 points out of 1.00	Answer Incorrect 0.00 points out of 1.00	Answer Correct 1.00 points out of 1.00
	AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue Correct 1.00 points out of 1.00	Answer Correct 1.00 points out of 1.00	Answer Incorrect 0.00 points out of 1.00
	To record cash and credit card sales.

b.

General Journal
Date	Description	Debit	Credit
Mar.20	AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue Correct 1.00 points out of 1.00	$Answer Incorrect 0.00 points out of 1.00	$Answer Correct 1.00 points out of 1.00
	AnswerCashAccounts Receivable - United MerchantsCredit Card Fee ExpenseSales Revenue Correct 1.00 points out of 1.00	Answer Correct 1.00 points out of 1.00	Answer Correct 1.00 points out of 1.00
	To record receipt of check from United Merchants.