Ace Has Just Signed Up for a KD Trust Debit

question 47

Essay

Ace has just signed up for a KD Trust debit card machine (interact)which charges a $1 fee for transactions up to $200 and a $3 fee for transactions over that amount.On September 15^th a customer makes a $150 purchase plus a cash back request of $40.Record the journal entry.

---

Definitions:

Autos

Short for automobiles, referring to passenger vehicles designed for personal transportation.

Opportunity Cost

The value of the next best alternative forgone as the result of making a decision.

Production Alternative

Different ways in which a firm could allocate its resources to produce various goods or services.

Capital Goods

Physical assets used by a company to produce goods and services that are used to produce consumer goods or services.