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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
State the steps of Merchandise inventory 1) TRANSFER THE BEGINNING INVENTORY FIGURE Debit INCOME SUMMARY for beginning inventory amount. Credit MERCHANDISE INVENTORY fo
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decrease in owners equity decrease in owener''s equity
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define accounting. Explain the accounting concepts which guide the accountant at the recording stage.
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