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Accounting

Problem:

Robin Corporation accepted credit cards for $34,200 of services performed in October 2011.The credit card company charged a 3% service fee and paid Robin as soon as it received the credit card receipts.

Required:

Question 1: Prepare the general journal entry to record performance of the services.

Question 2: Prepare the general journal entry for collection of the receivable from the credit card company.

Note: Explain all steps comprehensively.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91166304

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