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XYZ Co. accepted a non-bank credit card in payment for a $2,000 purchase by a customer. The credit ...

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XYZ Co. accepted a non-bank credit card in payment for a $2,000 purchase by a customer. The credit ...

XYZ Co. accepted a non-bank credit card in payment for a $2,000 purchase by a customer. The credit card company charges a 2% fee. The journal entry to record the sale would be as follows.
A)
Cash   2,000
Sales revenue      2,000

B)
Accounts receivable - credit card Co   2,000
Sales revenue      2,000

C)
Accounts receivable - credit card Co.   1,960
Credit card discount fee   40
Sales revenue      2,000

D)
Accounts receivable - credit card Co.   2,000
Sales revenue      1,960
Credit card discount fee      40

Textbook

Accounting, Volume 1, Canadian Edition

Edition: 9^th

Authors: Horngren, Harrison, Johnston, Meissner, Norwood

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