Author Question: The Multiplex Mart accepts VISA. During March, 140,000 in credit card sales were made. VISA charges ... (Read 87 times)

c0205847 · **on:** Jul 5, 2018

The Multiplex Mart accepts VISA. During March, 140,000 in credit card sales were made. VISA charges 3 of sales as its service fee. Prepare the entry to record the credit card sales. Include the account titles and amounts.

Shareholders' equity
Assets Liab. CC Retained earnings

Question 2

An element of internal control is
a. risk assessment
b. journals
c. subsidiary ledgers
d. controlling accounts

triiciiaa · **Reply #1 on:** Jul 5, 2018

Answer to Question 1

Shareholders' equity
Assets Liab. CC Retained earnings
+ 135,800 Accounts receivable - VISA + 140,000 Sales
(4,200) Credit card expense

Answer to Question 2

a