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    Maxi95's Avatar
    Maxi95 Posts: 3, Reputation: 1
    New Member

    Aug 29, 2006, 09:54 PM
    journalize entries
    I've been trying to journalize this and think I've got it wrong:

    Assume a 4% service fee is charged by American Express. Record the entry for the transaction on the restaurant's books for Dr. Miller’s AMEX credit card transaction.

    The service fee is 2,000 x 4%=$80. The entry is
    Accounts Receivable – American Express Dr $1,920
    Service Charge Expense Dr $80
    Revenue Cr $2,000
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member

    Aug 29, 2006, 10:27 PM
    Look's correct to me.

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