Anchor Sales Accepts Credit Cards from Its Customers $$\begin{array} { | l | r | r | } \hline \text { Cash } & 100 & \\\hline \text { Sales revenue } & & 100 \\\hline\end{array}$$

Multiple Choice

Anchor Sales accepts credit cards from its customers.Assume Anchor makes a sale of $100 and the processor charges a 3% fee.Assume that the credit card processing company uses the net method of depositing funds.Which of the following is the journal entry made by Anchor to record the sales revenue?

A) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 100 & \\\hline \text { Sales revenue } & & 100 \\\hline\end{array}$$
B) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 97 & \\\hline \text { Card fee expense } & 3 & \\\hline \text { Accounts receivable } & & 100 \\\hline\end{array}$$
C) $$\begin{array} { | l | r | r | } \hline \text { Accounts receivable } & 97 & \\\hline \text { Card fee expense } & 3 & \\\hline \text { Sales revenue } & & 100 \\\hline\end{array}$$
D) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 97 & \\\hline \text { Card fee expense } & 3 & \\\hline \text { Sales revenue } & & 100 \\\hline\end{array}$$