TextbooksCom Accepts VISA for Payments of Purchases Made by Students

question 129

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 of recording the sales and deposits will include an

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

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Definitions:

Twelve-Month Period

A continuous period of twelve months that may be used for measurement or as a condition for certain legal and employment matters.

Family or Medical Leave

Authorized absence from work granted for family or health reasons, typically protected under law to ensure job security.

Fifty Employees

A term often used in legal and regulatory contexts, indicating a threshold number for certain employer obligations and rights.

Sexual Harassment

Unwelcome sexual advances, requests for sexual favors, and other verbal or physical harassment of a sexual nature, especially in the workplace or educational settings.