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Woods Co. uses a perpetual inventory system, and accepts the World Express credit card from its customers. World Express charges a 3.5% service fee and all credit card receipts deposited are credited to the company account on the day of deposit. On February 28, Woods sold $24,000 worth of merchandise to customers (that had cost $14,400) using the World Express charge card. Prepare the journal entries to record February 28 sales.
Discontinuance
The act of ending or terminating a business operation or the production of a product line.
Current Year
The present calendar or fiscal year in which a company operates and reports financial transactions.
Opportunity Cost
The benefit foregone by choosing one alternative over another.
Cash Outlay
The actual expenditure of cash or cash equivalent for purchases or services.
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