A Orange Park owner payment of $236,000 will be processed by electronic transfer with a 0.45% administrative fee. What fee should be recorded?
Correct Answer
C) $1,062.00
The electronic payment fee equals payment amount multiplied by the stated percentage.
Why This Is the Correct Answer
The electronic payment fee equals payment amount multiplied by the stated percentage.
Why the Other Options Are Wrong
Option A: $237,062.00
$237,062.00 is above the supported result for payment processing fee; it likely adds an unsupported amount or compares the wrong financial base.
Option B: $106.20
$106.20 is below the supported result for payment processing fee; it likely uses the wrong base, period, or account bucket.
Option D: $531.00
$531.00 is below the supported result for payment processing fee; it likely uses the wrong base, period, or account bucket.
Memory Technique
Electronic and multiplied live in different drawers; Bookkeeper Reviews tells which opens.
Reference Hint
Open-book path: tab Contractor's Manual, 2025 to Business Administration, Electronic Payment Administration; use the stated business record or control rule to verify the answer.
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