Messing company has an agreement with a third-party credit card company, which calls for cash to be received immediately upon deposit of customers' credit card sales receipts. the credit card company receives 3.5 percent of card sales as its fee. messing has $4,000 in credit card sales on january 1. prepare the january 1 journal entry for messing company by selecting the account names and dollar amounts from the drop-down menus.

If the credit card company receives 3.5 percent of card sales as its fee. Messing has $4,000 in credit card sales on January 1. The appropriate January 1 journal entry will be:

Debit Cash $3,860

Debit Credit Expense 140

Credit Sales $4,000

January 1 journal entry for Messing Company

January 1

Debit Cash $3,860

[(100%-3.5%)×$4,000]

Debit Expense 140

(3.5%×$4,000)

Credit Sales $4,000

(To record credit card sales receipts)

Inconclusion If the credit card company receives 3.5 percent of card sales as its fee. Messing has $4,000 in credit card sales on January 1. The appropriate January 1 journal entry will be:

Debit Cash $3,860

Debit Credit Expense 140

Credit Sales $4,000

Learn more here:

https://brainly.com/question/14991773