Woods Co.accepts the World Express credit card from its customers.World Express charges a 3.5% service fee and pays Woods the amount net of World Express charges once a month.During February,Woods sold $24,000 worth of merchandise to customers using the World Express charge card.On February 28,Woods sent the $24,000 worth of credit card receipts to World Express.On March 4,Woods received cash proceeds from World Express for the February credit sales less the service charge.Prepare the journal entries to record February sales and the March 4 cash receipt.

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The Answer of Woods Co.accepts the World Express credit card from its customers.World Express charges a 3.5% service fee and pays Woods the amount net of World Express charges once a month.During February,Woods sold $24,000 worth of merchandise to customers using the World Express charge card.On February 28,Woods sent the $24,000 worth of credit card receipts to World Express.On March 4,Woods received cash proceeds from World Express for the February credit sales less the service charge.Prepare the journal entries to record February sales and the March 4 cash receipt.

Woods CoAccepts the World Express Credit Card from Its Customers