Assume a Retailer Has a Credit Card Sale of $1,400

question 24

Essay

Assume a retailer has a credit card sale of $1,400, with cost of the product being $1,050. The business pays $8 of processing fees, which are deducted from the proceeds. The journal entry to record these sales would be __________.

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Definitions:

Squared Values

Numbers that have been multiplied by themselves.

Cost-To-Benefit Analysis

A systematic approach to estimating the strengths and weaknesses of alternatives in terms of costs and benefits.

Numeric Ratio

A comparative figure showing the relative sizes of two quantities expressed as a quotient.

Written Analysis

The process of critically evaluating or discussing a subject in written form to understand its components or relationships.