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Lane Outfitters Company,a Retailer,accepts Payment Through Credit Cards

Question 200

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Lane Outfitters Company,a retailer,accepts payment through credit cards.During August,credit card sales amounted to $12,000.The processor charges a 3% fee.Assuming that the credit card processor uses the gross method,prepare the journal entries,on the books of Lane Outfitters,for the credit card sales and the payment of fees.(Ignore cost of goods sold.)Omit explanation.

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