Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Tastee Restaurant accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Tastee make

See explanation

Explanation:

First, we need to calculate the service charge expense which will be:

= 3% × $200

= 0.03 × $200.

= $6

Therefore, the entry that Tastee should make will be:

Debit: Cash $194

Debit: Service charge expense $6

Credit: Sales revenue $200

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