Determine the types of credit card sales, Accounting Basics

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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

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