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 net method of depositing funds. Provide the journal entry made by Anchor to record the sales revenue.
Definitions:
Marketing Mix
The combination of factors that can be controlled by a company to influence consumers to purchase its products, traditionally categorized as product, price, place, and promotion.
Liquid Consumption
A term reflecting the shift in consumer behavior towards more flexible and changeable purchasing patterns.
Platform Brands
Brands that operate as foundations for other businesses, products, or services to build upon, facilitating interactions and transactions among users.
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