TextbooksCom Accepts VISA for Payments of Purchases Made by Students

question 66

Multiple Choice

Textbooks.com accepts VISA for payments of purchases made by students.The credit card drafts are deposited directly in a bank account.VISA charges a 2% collection fee.Credit card drafts totaling $12,000 are deposited during September.The effect on the accounting equation to record the sales and deposits will include

• A) An increase in Cash for $12,000
• B) An increase to Sales for $11,760
• C) An increase to Accounts Receivable for $11,760
• D) An increase in Collection Fee Expense for $240

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Definitions:

Psychology

The science of human behavior.

Interdisciplinary Influences

The impact and contributions of various academic disciplines on each other, leading to new insights, methods, or practices in research or application.

Cultural Perspective

The viewpoint that an individual's understanding, values, and behaviors are deeply influenced by the culture in which they live.

Internal Perspective

A viewpoint focusing on internal organizational factors, such as employee morale, processes, and culture, in business analysis and strategy.