Answer :
Dr. Account Receivable $5,805
Dr. Service charges $195
Cr. Service revenue $6,000
Dr. Cash $5,805
Cr. Accounts receivable $5,805
Assuming all the sales are performed on the account first Then cash is received after the issuance of the invoice.
Service revenue $6,000
Less: Credit card expenses $ (195)
Net income $5,805
Service charges = $6,000 x 3.25% = $195
A bill, invoice or tab is a commercial report issued by means of a supplier to a purchaser relating to a sale transaction and indicating the goods, portions, and agreed-upon costs for products or services the seller had furnished the purchaser. Fee terms are commonly stated on the bill. Those may additionally specify that the consumer has a most wide variety of days to pay and is now and again provided a reduction if paid earlier than the due date. The customer should have already paid for the goods or services listed on the invoice. To avoid confusion and consequent useless communications from consumer to vendor, some sellers certainly state in massive and capital letters on an bill whether or not it has already been paid. From a vendor's point of view, an invoice is a sales bill. From a consumer's point of view, an invoice is a purchase bill. The report indicates the client and seller, but the term bill suggests cash is owed or owing.
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