Preparing journal entry for recording performance of services (Accounting assignment Help)

Robin Corporation accepted credit cards for $34,200 of services performed in October 2011.The credit card company charged a 3% service fee and paid Robin as soon as it received the credit card receipts. a) Prepare the general journal entry to record performance of the services. b) Prepare the general journal entry for collection of the receivable from the credit card company.

Date	Account title and description	Ref	Debit	Credit
October 2011	Accounts receivable - Card issuer    Dr     To sales -    services rendered		$34200	$34200
Oct 2011	Cash A/C              Dr Credit card expense a/c          Dr (for commission of 3% on $ 34200 charged by bank ) To Accounts receivable-      card issuer		$34174 $1026	$34200

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