JournaldrillCredit card sales
A journal entry exercise from Journaldrill. Solve it with an account picker and debit and credit fields in your browser, and it is checked the moment you submit.
The task
Saltmarsh Outfitters makes $12,500 of sales paid by customers with bank credit cards. The card processor charges a 2.4% fee and deposits the net amount in Saltmarsh's bank account the same day. Ignore cost of goods sold.
What this exercise teaches
The fee is $12,500 x 2.4% = $300, so the deposit is $12,500 - $300 = $12,200. Sales Revenue is credited for the full $12,500.
A hint if you get stuck
Revenue is recorded at the full sale price, and the processor's cut is an expense.
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