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A Retailer Has 5% Credit/debit Card Service Fees Deducted from the Business's

question 82

Short Answer

A retailer has 5% credit/debit card service fees deducted from the business's bank account on a monthly
basis. The retailer has $43,500 in sales for the month. What is the journal entry to record these sales?


Definitions:

Accommodation

In cognitive psychology, the process by which individuals adjust their mental structures or schemas to incorporate new information.

Piaget's Processes

Refers to cognitive processes identified by Jean Piaget, including assimilation, accommodation, and equilibration, which explain how children develop intellectually.

Understanding of Dogs

The comprehension of canine behavior, emotions, and the methods by which dogs communicate with humans and each other.

Accommodation

The cognitive process of adjusting or adapting one's cognitive schemas to incorporate new information.

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