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Mercks Accepts the Discovery Credit Card for Credit Card Sales

Question 59

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Mercks accepts the Discovery credit card for credit card sales.Mercks sends credit card receipts to Discovery on a weekly basis.Discovery charges Mercks a 3% fee.Mercks usually receives payment from Discovery within a week.Prepare journal entries to record the following transactions. Mercks accepts the Discovery credit card for credit card sales.Mercks sends credit card receipts to Discovery on a weekly basis.Discovery charges Mercks a 3% fee.Mercks usually receives payment from Discovery within a week.Prepare journal entries to record the following transactions.

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