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Prepare the general journal entry to record service revenue

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Question - Baucom Company accepted credit cards in payment for $6,850 of services performed during March 2011. The credit card company charged Baucom a 4 percent service fee. The credit card company paid Baucom as soon as it received the invoices.

Required -

a. Prepare the general journal entry to record the service revenue.

b. Prepare the general journal entry for the collection of the receivable from the credit card company.

c. Based on this information alone, what is the amount of net income earned during the month of March?

Reference no: EM133169028

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