A Retailer Has 2% Credit/debit Card Service Fees Deducted from the Proceeds

question 38

Essay

A retailer has 2% credit/debit card service fees deducted from the proceeds from each sale. The retailer has $4,800 in sales for the day. The journal entry to record these sales would be __________.

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Definitions:

Geographic Isolation

A mechanism of evolutionary separation where populations of a species are physically separated by geographic barriers leading to species divergence.

Natural Selection

The process by which organisms better adapted to their environment tend to survive and produce more offspring, a key mechanism of evolution.

Galápagos Islands

The Galápagos Islands are an archipelago of volcanic islands located in the Pacific Ocean, renowned for their unique and diverse ecosystems which played a significant role in the development of Charles Darwin's theory of natural selection.

Disruptive Selection

Outcome of natural selection in which the two extreme phenotypes are favored over the average phenotype, leading to more than one distinct form.