Under the Gross Method,when the Credit Card Processor Deposits the Cash

question 257

Multiple Choice

Under the gross method,when the credit card processor deposits the cash proceeds from credit and debit card sales ________.

• A) there will be no fee charged for the transaction
• B) the deposit is made on the last day of the month
• C) the total sales plus the processing fee assessed equals the net amount of cash deposited
• D) the processing fees are deducted from the company's bank account by the processor