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July 29, 2014

Homework Help: Accounting

Posted by Please Help!! on Friday, February 15, 2013 at 9:03pm.

Hankco accepts all major bank credit cards, including Omni Bank's, which assesses a 3% charge on sales for using its card. On June 28, Hankco had $4,500 in Omni Card credit sales. What entry should Hankco make on June 28 to record the deposit?

A. Debit Accounts Receivable $4,365; debit Credit Card Expense $135; credit Sales $4,500.

B. Debit Accounts Receivable $4,500; credit Sales $4,500.

C. Debit Cash $4,500; credit Sales $4,500.

D. Debit Cash $4,365; debit Credit Card Expense $135; credit Sales $4,500.

E. Debit Cash $4,635; credit Credit Card Expense $135; credit Sales $4,500

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