Tecom Accepts the NOVA Credit Card for Credit Card Sales

question 3

Essay

Tecom accepts the NOVA credit card for credit card sales.Tecom sends credit card receipts to NOVA on a weekly basis.NOVA charges Tecom a 2% fee.Tecom usually receives payment from NOVA within a week.Prepare entries in general journal form to record the following transactions of Tecom involving the NOVA credit card.
$\begin{array}{|l|l|}\hline\text { March } 11 & \begin{array}{l}\text { Sold merchandise for } \$ 4,500 \text { to customers who use the NOVA credit card and } \\\text { deposited the credit card receipts. }\end{array} \\\hline \text { March 20 } & \begin{array}{l}\text { Received cash proceeds less the service charge for the March } 14 \text { deposit to } \\\text { NOVA }\end{array}\\\hline\end{array}$

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Definitions:

Serial List

involves remembering or recognizing a sequence of items in the order they were presented.

Recall

The act of retrieving information or memories from the past, which are stored in the brain.

Method Of Loci

An ancient mnemonic technique that involves visualizing items to be remembered along a familiar path or location to enhance memory recall.

Retrieval

The process of getting something back, or accessing information stored in the memory.