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1. Record debit card transactions. On September 12, five customers use debit cards to purchase merchandise...

1. Record debit card transactions. On September 12, five customers use debit cards to purchase merchandise totalling $500 from Triomedia Company. The bank charges Triomedia Company $0.70 per debit card transaction. Prepare the entry to record the transactions by Triomedia Company. 2. Record credit card transactions. On April 16, Triomedia Company made sales of $12,950 to customers using credit cards for payment. The credit card company charges Triomedia a service fee of 2.5% for credit card transactions. Prepare the entry to record the credit card sales. Round to the nearest dollar.

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Expert Solution

Solution:

Date S. No. Account Title Debit Credit
12-Sep 1 Cash Dr $497
Service Charge Dr (5*$0.70) $4
         To Sales Revenue $500
16-Apr 2 Cash Dr $12,626
Service Charge Dr ($12950*2.5%) $324
         To Sales Revenue $12,950

ekkarill92 answered 2 years ago
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