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Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which assesses a 3% charge on sales for using its card. On June 28, Jervis had $3,500 in NB Card credit sales. What entry should Jervis make on June 28 to record the deposit?

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Answer:

Bank account XXXXX                                   $3395

Credit Cards Commisions expenses           $105

---------Revenue for sales                                                  $3500

Explanation:

Jervis gets for each $1 of sales, $0.97. Because of $0.03 is commission (3%).

Then, he will get: $3500 × 0.97 = $3395

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