Consider these transactions: (credit account titles are automatically indented when amount is entered. do not indent manually.) (a) ayayai corp. accepted a visa card in payment of a $2,400 lunch bill. the bank charges a 4% fee. what entry should ayayai corp. make? (b) splish brothers inc. sold its accounts receivable of $59,400. what entry should splish brothers inc. make, given a service charge of 4% on the amount of receivables sold?

Answer and Explanation:

No.    Account titles and explanation              Debit             Credit

(a)Cash                                                           $2,304  

       Service Charge Expense($2,400 * 4%)     $96  

        Sales Revenue                                                            $2,400

No.    Account titles and explanation              Debit            Credit  

(b)Cash                                                           $57,024  

       Service Charge Expense($59,400 * 4%)    $2,376  

       Accounts Receivable                                                  $59,400

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