Mercks uses the perpetual inventory system,and accepts the Discovery credit card for credit card sales.Discovery charges Mercks a 3% fee,and all credit card receipts deposited are credited to the company account on the day of deposit.Prepare journal entries to record the following transaction.
Definitions:
Profit Center Management
The administration of a segment of a business that is directly responsible for its own revenue and expenses, aiming to maximize profits.
Salaries
Fixed regular payments made by employers to employees, typically expressed on an annual basis but paid in smaller increments such as monthly.
Departmental Personnel
Staff or workers who belong to a specific department within an organization, each contributing to its functional objectives.
Furniture Department
A division within a store or company that specializes in selling furniture products.
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