A Retailer Has 4% Credit/debit Card Service Fees Deducted from the Proceeds

question 1

Multiple Choice

A retailer has 4% credit/debit card service fees deducted from the proceeds from each sale. The retailer has $1,200 in sales for the day. The journal entry to record these sales would be:

• A) debit Cash for $1,200 and credit Sales for $1,200.
• B) debit Sales for $1,200 and credit Cash for $1,200.
• C) debit Cash for $1,152, debit Credit Card Expense for $48, and credit Sales for $1,200.
• D) debit Cash for $1,152 and credit Sales for $1,152.
• E) debit Accounts Receivable for $1,200 and credit Sales for $1,200.

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