Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Cullumber Company accepted a Visa card in payment of a $1,700 lunch bill. The bank charges a 4% fee. What entry should Cullumber Company make? (b) Sheffield Corp. sold its accounts receivable of $61,600. What entry should Sheffield Corp. make, given a service charge of 4% on the amount of receivables sold?
