(Answered) Problemon november 14 gray company sold inventory for 1270

Accounting

Problem

On November 14, Gray Company sold inventory for $1,270, and the buyer used a credit card to pay for the purchase. The credit card company charges 2% for the service, and this transaction is considered a cash sale.

Required:

Journalize the entry to record the sale.

Note: No entry is required to record cost of goods sold.

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