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Luna Company accepted credit cards in payment for $6,000 of services performed during July Year 1. The credit card company charged Luna a 3.25 percent service fee; it paid Luna as soon as it received the invoices. Required a. Prepare the general journal entry to record the service revenue.

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Answer:

1.

a.

Dr.  Account Receivable $5,805

Dr. Service charges         $195

Cr.  Service revenue        $6,000

2.

Dr.  Cash                            $5,805  

Cr.  Accounts receivable  $5,805

Explanation:

1. Assuming all the sales are performed on account first Then cash is received after issuance of invoice.

Service revenue                      $6,000

Less: Credit card expenses   $ (195)

Net income                           $5,805

Service charges = $6,000 x 3.25% = $195

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