Answer:
Dr Cash $295.5
Dr Card Expenses $4.50
Cr Sales $300
Explanation:
Preparation of the Journal entry to record this sale transaction
Since we were told that the company sold the amount of $300 of the merchandise to a customer in which 1.5% was as well deducted as the service charge for sales on its credit card, this means that the Journal entry to record this sale transaction will be:
Dr Cash $295.5
($295.5-$4.50)
Dr Card Expenses $4.50
(1.5%×300)
Cr Sales $300
