Which option describes what to do when entering a charge on a company credit card?

When entering a charge on a company credit card, logging a purchase transaction is the appropriate action. This process involves documenting the specific purchase made with the credit card, which includes details like the vendor, transaction amount, date, and any relevant accounts impacted. This step ensures accurate financial record-keeping and allows the company to track expenses effectively.

This logging process is crucial for maintaining an accurate reflection of the company's financial position and expense management. By recording it as a purchase transaction, the expense is appropriately categorized and recorded in the accounting system, enabling better monitoring and reporting of company spending.

The other options do not align with the necessary steps for entering a charge on a company credit card, as they pertain to different processes. Recording a payment relates to settling an obligation, requesting additional credit limits pertains to credit management, and canceling previous transactions addresses voiding or reversing entries, none of which directly concerns entering a new credit card charge.