Determine the types of credit card sales, Accounting Basics

Assignment Help:

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

 


Related Discussions:- Determine the types of credit card sales

Taxes, ACCT225-1204A-01 Introduction to Tax Task Name: Phase 5 Individual ...

ACCT225-1204A-01 Introduction to Tax Task Name: Phase 5 Individual Project Deliverable Length: All applicable tax forms and a Word document of 1–2 pages Details: Weekly tasks or

Contributed capital, what is the contributed capital and how do you figure ...

what is the contributed capital and how do you figure it out?

Income statements - service and merchandising company, Q. Income statements...

Q. Income statements - Service and merchandising company? We evaluate the main divisions of an income statement for a service company with those for a merchandising company. To

On december 31, On December 31, 2013, University Theatres issued $500,000 f...

On December 31, 2013, University Theatres issued $500,000 face value of bonds. The stated rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds mature

Encryption, At the reception it is decrypted and actual data is obtained. ...

At the reception it is decrypted and actual data is obtained. Explain the different methods of encryption technique

A baker makes 500 cream-filled eclairs at a cost of $0.72, A baker makes 50...

A baker makes 500 cream-filled eclairs at a cost of $0.72 each. He estimates that 10% of the eclairs will be sold the following day at a reduced price of $0.80 each. Find the mar

Assets, paid rent $200 by cash

paid rent $200 by cash

What are the golden rules of accounts, Personal accounts --> Debit the bene...

Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses

You received an email from Carl the operations manager , You received an em...

You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an imp

1-aug-13 started business by investing $20, 1-Aug-13 Started business by in...

1-Aug-13 Started business by investing $20,000 from personal savings into a business' bank account and a car and furniture worth $90,000 and $30,000 respectively. 2-Aug-13 Purc

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd