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:

Larger Society

Refers to the broader community or the society at large, beyond smaller communities or groups, encompassing all its complexities and interactions.

Accountable

Being responsible or answerable for something, particularly in terms of the fulfillment of duties, obligations, or the accuracy of information.

Social Responsibility

The obligation of an organization to act in ways that serve both its own interests and the interests of its stakeholders, encompassing concerns for the environment, ethics, and the wellbeing of the society.

Prince William Sound

A region in the Gulf of Alaska known for its rich wildlife, fishing industry, and as the site of the Exxon Valdez oil spill in 1989.