When a Business Accepts Credit Cards from Customers in Payment

question 7

True/False

When a business accepts credit cards from customers in payment of sales,the business has to pay a fee to the credit card processor.

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Definitions:

End-of-period Spreadsheet

A tool used in accounting to gather all the financial data and adjustments needed to prepare financial statements at the end of an accounting period.

Adjusted Trial Balance

A listing of all company accounts that will appear in the financial statements after adjustments have been made for journal entries.

Adjustments Column

A column in accounting ledgers or tables used to record changes or corrections to initial entries prior to preparing financial statements.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to ensure a company's bookkeeping system is mathematically correct.