A Retailer Has 3% Credit/debit Card Service Fees Deducted from the Proceeds

question 51

Multiple Choice

A retailer has 3% credit/debit card service fees deducted from the proceeds from each sale.The retailer has $1,700 in credit/debit card sales for the day.The journal entry to record these sales would be to:

• A)debit sales for $1,700 and credit Cash for $1,700.
• B)debit Cash for $1,700 and credit Sales for $1,700.
• C)debit Cash for $1,649,debit Service Fee Expense for $51;and credit Sales for $1,200.
• D)debit Cash for $1,700,credit Sales for $1,649,and credit Service Fee Expense for $51.

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