Sold $23,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Record journal entry.
a) Debit: Cash $23,000, Credit: Mastercard Fees $1,150
b) Debit: Accounts Receivable $23,000, Credit: Sales Revenue $23,000
c) Debit: Cash $21,850, Credit: Sales Revenue $23,000
d) Debit: Sales Revenue $23,000, Credit: Mastercard Fees $1,150