MacKenzie Company sold $500 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 2.5% fee for sales on its credit cards. The journal entry to record this sales transaction would be:Multiple ChoiceDebit Cash of $500 and credit Sales $500.Debit Cash $487.50 and credit Sales $487.50.Debit Cash of $500 and credit Accounts Receivable $500.Debit Accounts Receivable $500 and credit Sales $500.Debit Cash $487.50; debit Credit Card Expense $12.50 and credit Sales $500.

T. Hillcrest Co. sold $500 of merchandise on a bank credit card with a 5% fee. The entry to record this sales transaction would include debit(s) to:Multiple choice question.Sales for $500Cash for $500 and Credit Card Expense for $25Cash for $475 and to Credit Card Expense for $25Accounts Receivable for $500

X-Mart purchased $300 of merchandise and paid immediately. Demonstrate the journal entry to record this transaction, assuming the perpetual inventory system is used.Multiple choice question.Debit Purchases $300; credit Cash $300.Credit Merchandise Inventory $300; debit Cash $300.Debit Merchandise Inventory $300; credit Cash $300.Debit Merchandise Inventory $300; credit Sales $300.

On Jan 5, a customer returned merchandise that had been purchased earlier on credit. The original sale was for $500, and the cost to the seller was $150. Demonstrate the required journal entry to record the return on the books of the seller, assuming the goods can be sold to another customer.Multiple choice question.Debit Accounts Receivable $500 and credit Cash $500.Debit Accounts Receivable $500; credit Sales Returns and Allowances $500; credit Merchandise inventory $150; and credit Cost of Goods Sold $150.Debit Sales Returns and Allowances $150; credit Accounts Receivable $150.Debit Sales Returns and Allowances $500; debit Merchandise Inventory $150; credit Accounts Receivable $500; and credit Cost of Goods Sold $150.

P. Jameson Co. sold $500 of merchandise on Master Card credit sales. The net cash receipts from the sale are immediately deposited in the seller's bank account. Master Card charges a 4% fee. The journal entry to record this sales transaction would include a:Multiple select question.Credit to Credit Card Expense for $20.Credit to Sales for $500.Debit to Cash for $485.Credit to Accounts Receivable for $500.Debit to Cash for $480.Debit to Credit Card Expense for $20.

The entry to record a sale of $750 (cost of goods $400) with terms of 2/10, n/30 will include a: Group of answer choices debit to Discount Allowed for $15. debit to Sales Revenue for $735. credit to Accounts Receivable for $750. credit to Sales Revenue for $750.