Under the Net Method of Handling Credit and Debit Card

question 166

Multiple Choice

Under the net method of handling credit and debit card payments,the ________.

• A) net amount of the sale is credited to the Sales Revenue account on the date of sale
• B) credit to the sales revenue is selling price less the transaction fee
• C) business writes a check to the third-party processor for the processing fee
• D) processing fee is debited to the Credit Card Expense account on the date of sale

Recognize the enforceability and validity of contracts based on content, context, and parties involved.

Distinguish between contracts that are void, voidable, and unenforceable.

Comprehend the principles governing the legality and enforceability of restrictive covenants.

Identify the rights and obligations of minors in contracts.

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Definitions:

Required Units

The quantity of production or inventory that a business must achieve to meet its operational goals or customer demand.

Raw Materials

Basic materials that are used in the manufacturing process to produce goods and products.

January Production

January production refers to the measure of output or the total amount of goods produced by a company in the month of January.

Inventory Management

The process of ordering, storing, tracking, and controlling inventory to ensure the right quantity of stock is available when needed.