If Abby, Inc. sells items to a customer who uses a credit card for $1,000, and there is a credit card fee of 1.5%, Abby will record a(n):
A: credit to Sales Revenue for $985.
B: debit to Accounts Receivable for $985.
C: debit to Sales expense for $65.
D: debit to Credit Card Discount Expense for $15.
A: credit to Sales Revenue for $985.
B: debit to Accounts Receivable for $985.
C: debit to Sales expense for $65.
D: debit to Credit Card Discount Expense for $15.
举一反三
- A business must write off an irrecoverable debt of $3,000.What is the journal entry to record this in the nominal ledger? A: Debit Trade receivables $3 ,000; Credit Sales $3,000 B: Debit Sales $3,000; Credit Trade receivables $3 ,000 C: Debit Irrecoverable debt expense $3,000; Credit Trade receivables $3,000 D: Debit Trade receivables $3,000; Credit Sales $3,000
- An attorney performs services of $1,100 for a client and receives $400 cash, with the remainder on account. The journal entry for this transaction would A: debit Cash, debit Service Revenue, credit Accounts Receivable. B: debit Cash, debit Accounts Receivable, credit Service Revenue. C: debit Cash, credit Service Revenue. D: debit Cash, credit Accounts Receivable, credit Service Revenue.
- Which one of the following statements is correct？ A: An increase in an asset is a debit and an increase in an expense is a credit B: An increase in capital is a debit and an increase in a liability is a credit C: An increase in an expense is a debit and a reduction in an asset is a credit D: A reduction in a liability is a debit and an increase in an expense is a credit
- Is a debit card the same as a credit card? A: Yes. B: No.
- At the end of the day, the cash register's record shows $1,250, but the count of cash in the cash register is $1,245. The correct entry to record the cash sales is A: Debit Cash $1,245; Credit Sales $1,245. B: Debit Cash $1,245; debit Cash Over and Short $5; credit Sales $1,250. C: Debit Cash $1,250; credit Sales $1,250. D: Debit Cash $1,250; credit Sales $1,245, credit Cash Over and Short $5. E: Debit Cash Over and Short $5, credit Sales $5.