Jian Hua Dong Filled Up Her Vehicle Using Her Debit

question 128

Short Answer

Jian Hua Dong filled up her vehicle using her debit card. The cost of the fill up was $50. Each time a customer uses a debit card Petro Canada is charged a transaction fee of $0.50. The entry to record the transaction by Petro Canada is

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Definitions:

Traditional IRA

A type of retirement account allowing individuals to direct pre-tax income toward investments, with taxes deferred until withdrawal.

Roth IRA

An individual retirement account allowing a person to set aside after-tax income up to a specified amount each year, with earnings being tax-free.

Deductible Contribution

A contribution or payment that can be subtracted from gross income to reduce taxable income, often related to charity or retirement savings.

Non-working Spouse

A spouse who does not engage in regular paid employment outside the home.