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Recording credit card fee expense.stuck!

Asked Feb 12, 2009, 10:28 AM — 2 Answers
Ok. I have this problem: Record credit card fee expense, $342.00. M46. (Debit Credit Card Fee Expense, credit Cash)

I know this transaction goes in the General Journal. But I can't figure out how to record it. I have already tried, but got the answer wrong. Please help!

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pready's Avatar
pready Posts: 2,677, Reputation: 897
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#2

Feb 13, 2009, 10:10 AM
Debit the expense acocunt for the amount
Credit Cash if the fee as been paid for the amount or Credit Accounts payable for the amount if the fee as not been paid.

You may have posted the entries wrong.
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Mihesh148's Avatar
Mihesh148 Posts: 2, Reputation: 1
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#3

Feb 15, 2009, 04:46 AM
Credit Card Expense Dr. $342
Cash/Accounts Payable Cr. $342.
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