Kenai company sold $600 of merchandise to a customer who used a national bank credit card. national bank deducts a 3% service charge for sales on its credit cards. kenai electronically remits the credit card sales receipts to the credit card company and receives payment immediately. the journal entry to record the collection from the credit card company would be:
$582
Customer paid $600.
Credit company charged 3%, which is 0.03*$600 = $18.
Thus, the reminder to collect from the credit company is $600 - $18 = $582.
