Tom's Fit Inc

question 28

Essay

Tom's Fit Inc. a readymade garment seller accepts payment through credit cards. During the month of August, the card sales amounted to $12,000. The processor charges a 3% fee. Assuming that the credit card processor uses the gross method, provide the journal entries for the receipt of funds and the collection of fees at the end of the period.

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Definitions:

On-the-Job Training

On-the-job training is an instructional strategy involving hands-on experience where employees are taught the knowledge and skills needed for their specific job roles within the workplace.

Coaching and Mentoring

The practice of guiding an individual through professional development and personal growth by offering knowledge, advice, and support.

Skill Needs

The specific abilities and competencies required to perform tasks effectively in a job or professional setting.

Self-Efficacy

An individual's belief in their own ability to complete tasks and achieve goals.