MacKenzie Company sold $400 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 2.0% service charge for sales on its credit cards and credits MacKenzie's account immediately when sales are made. The journal entry to record this sale transaction would be:

Date                         Account Title                               Debit                  Credit

XX-XX-          Cash                                             $392

                                Credit card service charge         $   8

                                Sales                                                                        $400

Working

Cash :

= 400 * (1 - 2% service charge)

= $392

Credit card service charge:

= 400 * 2%

= $8

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explanation:

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