Anchor Sales Accepts Credit Cards from Its Customers

question 106

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 first journal entry made by Anchor to record the sales revenue.

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Definitions:

Personal Factors

Characteristics or qualities relating to an individual that can influence their behavior, decisions, and interactions with the environment.

Measurable Objectives

Specific targets or goals that can be quantified or assessed through some form of evaluation.

Violent Media

Represents media content that depicts acts of physical aggression by one individual against another or others.

Aggressive Behaviour

Actions or attitudes that are hostile, destructive, or violent towards others or oneself.