Anchor Sales Accepts Credit Cards from Its Customers $$\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline\end{array}$$

question 76

Essay

Anchor Sales accepts credit cards from its customers.Assume Anchor makes a sale of $100 and the processor charges a 3% fee.Assume that the credit card processing company uses the gross method of depositing funds.This method employs a sequence of two separate journal entries to record the revenue transaction and settlement with the processor.Please provide the second journal entry made by Anchor to record the completion of the settlement with the processor.
$$\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline\end{array}$$

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Definitions:

Hunters and Gatherers

Societies or groups that rely primarily on wild sources of food, obtained through hunting animals, fishing, and gathering plants, rather than agricultural cultivation.

Fertility Rates

The average number of children born to a woman over her lifetime within a specific population or country.

Food Foraging

The act of searching for and exploiting food resources, common in hunter-gatherer societies before the advent of agriculture.

Farming Populations

Communities of people who primarily engage in agriculture to produce food and other crops.