Question: Recording credit card and debit card sales Restaurants do a large volume of business by credit and debit cards. Suppose Sand Island restaurant had these transactions on January 28, 2016:
National Express credit card sales $9,100
ValueCard debit card sales 7,000
Requirements: 1. Suppose Sand Island's processor charges a 6% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant.
2. Suppose Sand Island's processor charges a 6% fee and deposits sales using the gross method. Journalize these sales transactions for the restaurant.