Jervis Accepts All Major Bank Credit Cards, Including Those Issued

question 122

Multiple Choice

Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB) , which assesses a 3% charge on sales for using its card. On June 28, Jervis had $3,500 in NB Card credit sales. What entry should Jervis make on June 28 to record the deposit?

• A)Debit Cash $3,500; credit Sales $3,500
• B)Debit Accounts Receivable $3,500; credit Sales $3,500
• C)Debit Cash $3,605; credit Credit Card Expense $105; credit Sales $3,500
• D)Debit Cash $3,395; debit Credit Card Expense $105; credit Sales $3,500
• E)Debit Accounts Receivable $3,395; debit Credit Card Expense $105; credit Sales $3,500Cash received: $3,500 - $105 = $3,395

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Definitions:

Observational Learning

A learning process that occurs through observing and imitating others' behavior.

Classical Conditioning

A learning procedure distinguished by the repetitive association of two stimuli, causing the initial stimulus to eventually provoke a response initially induced by the subsequent stimulus.

Submerged Mental Energy

The part of an individual's mental capacity that lies beneath the conscious awareness, often guiding actions or thoughts without direct acknowledgment.

Repressed Impulses

Desires or inclinations that are suppressed and remain unexpressed due to their potentially disruptive or unacceptable nature to the conscious mind.