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MacKenzie Company sold $560 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 6.0% fee for sales on its credit cards. The journal entry to record this sales transaction would be:

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Lanuel

The journal entry to record MacKenzie Company's sales transaction would be to:

  1. Debit cash of $526.40.
  2. Debit credit card expense $33.60.
  3. Credit sales $560.

What is a journal entry?

A journal entry can be defined as a financial accounting process which typically involves keeping the records of business transactions such as sales, that are made by a company (business firm).

In this scenario, we would calculate the debit on cash as follows:

Charges = 6/100 × 560

Charges = 0.06 × 560

Charges = $33.60.

Debit cash = Sales - Charges

Debit cash = 560 - 33.60

Debit cash = $526.40.

In conclusion, we can logically conclude that the most appropriate journal entry to record MacKenzie Company's sales transaction would be to:

  1. Debit cash of $526.40.
  2. Debit credit card expense $33.60.
  3. Credit sales $560.

Read more on journal entry here: https://brainly.com/question/22279664

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