Regarding the Gross Method of Handling Credit and Debit Card

question 26

Multiple Choice

Regarding the gross method of handling credit and debit card transactions,which of the following statements is correct?

• A) The total sale amount is deposited on the date of the actual sale.
• B) The processing fees for all transactions processed for the month are deducted from the company's bank account, often on the last day of the month.
• C) On the date of sale, the Sales Revenue account is credited for the amount of sale less the processing fee.
• D) The journal entry on the date of sale is identical to a journal entry made for a sale on account.

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Definitions:

Holland Interest Areas

A categorization within career counseling that helps individuals understand their career interests based on six typological themes developed by John L. Holland.

Hexagon

A six-sided polygon that can have either equal or unequal sides and angles.

ASVAB CEP

The Armed Services Vocational Aptitude Battery Career Exploration Program, a comprehensive career exploration and planning program available to high school and post-secondary students.

Holland Codes

A theory of careers and vocational choice based on personality types, defined by John L. Holland.