Determine the types of credit card salesbank credit card, Ask an Expert

Accounting

Determine the types of Credit card sales

Bank Credit Card Sales - Most retail businesses accept bank credit cards. Treated as a CASH sale.

Recording Bank Credit Card Sales - recorded as a cash sale because receipts can be deposited in a bank immediately. Bank deducts a discount fee that ranges from 3% to 7%.

Cash

Credit Card Expense

Sales

Sales Tax Payable

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9583350

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - cullumber company purchased machinery for 176400

Question - Cullumber Company purchased machinery for $176,400 on January 1, 2017. It is estimated that the machinery will have a useful life of 20 years, salvage value of $14,700, production of 88,600 units, and working ...

Question - lopez company purchased goods with the following

Question - Lopez Company purchased goods with the following terms and details: Sales price, $5,000 Terms, 1/10, n/30 Date of sale, March 8 Date of payment, March 19 Returns and allowances (before payment), $200 Shipping, ...

Question - on december 31 2012 grant williams enterprises

Question - On December 31, 2012, Grant Williams Enterprises, Inc. (GWE) had income from continuing operations before taxes of $1,800,000. Additionally the following items occurred during 2012 which are not included in th ...

Question - for this assessment you will need to complete a

Question - For this assessment, you will need to complete a Form 1040, Form 4562, Schedule C, and Schedule SE and submit them as file uploads. The PDF forms are available here and in the assessment instructions. Jayne Sm ...

Question using the financial statements distributed in

Question: Using the Financial Statements distributed in Class and attached to this file folder, please complete a Statement of Cash Flow and a Free Cash Flow Analysis for 2017. Also, prepare an Additional Funds Needed (C ...

Questions - q1 during 2017 belen paid the following

Questions - Q1. During 2017, Belen paid the following taxes: Property taxes on residence (paid from escrow account)$1,550Property tax portion of car registration (based on value) 400Property taxes on land held for long-t ...

Question - greg corp prepares its financial statements

Question - Greg Corp. Prepares its financial statements under U.S. GAAP Tina prepares its financial statements under IFRS. You have gained the following insights: Greg and Tina are the same company except they use differ ...

Question - blue co reported 150000 of net income for 2017

Question - Blue Co. reported $150,000 of net income for 2017. The accountant, in preparing the statement of cash flows, noted the following items occurring during 2017 that might affect cash flows from operating activiti ...

Question - x company manufactures a single product product

Question - X Company manufactures a single product, Product A, and budgets total manufacturing costs each month. The accountant provides the following information about its manufacturing process: Direct material quantity ...

Question - lirin inc factors 6000000 of its accounts

Question - Lirin Inc. factors $6,000,000 of its accounts receivables without recourse for a finance charge of 5%. The finance company retains an amount equal to 10% of the amounts receivable for possible adjustments. Lir ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert