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.
Definitions:
Losing
The act of not winning or failing to achieve an objective or goal.
Attractive Children
Refers to the societal perception or standard deeming certain physical or behavioral traits in children as pleasing or desirable.
Popular
Characterized by being liked, admired, or supported by a large number of people.
Similarity Promotes
This concept suggests that entities or individuals that share similar traits or characteristics tend to engage or bond more effectively with each other.
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