Mackenzie company sold $300 of merchandise to a customer who used a regional bank credit card. regional bank deducts a 1.5% service charge for sales on its credit cards and credits mackenzie’s account immediately when sales are made. the journal entry to record this sale transaction would be: a. debit cash of $300 and credit sales $300. b. debit cash of $300 and credit accounts receivable $300. c. debit accounts receivable $300 and credit sales $300. d. debit cash $295.50 and credit sales $295.50. e. debit cash $295.50; debit credit card expense $4.50 and credit sales $300

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Mackenzie company sold $300 of merchandise to a customer who used a regional bank credit card. regional bank deducts a 1.5% service charge for sales on its credit cards and credits mackenzie’s account immediately when sales are made. the journal entry to record this sale transaction would be: a. debit cash of $300 and credit sales $300. b. debit cash of $300 and credit accounts receivable $300. c. debit accounts receivable $300 and credit sales $300. d. debit cash $295.50 and credit sales $295.50. e. debit cash $295.50; debit credit card expense $4.50 and credit sales $300

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The correct answer is e. $ 295.50 debit cash; Credit card costs $ 4.50 and credit sales $ 300.