If a Retailer Makes a Sale of $100 on a MasterCard,and

question 141

True/False

If a retailer makes a sale of $100 on a MasterCard,and MasterCard takes a 5 percent discount on the sale,the retailer would record Cash for $100 and Accounts Payable for $5.

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Definitions:

Recover Damages

The act of securing compensation through legal means for a loss or injury.

Igniting Fire

The process of starting a fire, whether intentionally for a purpose or accidentally.

Reasonable Care

The degree of caution and concern for the safety of the self and others an ordinarily prudent and rational person would use in the circumstances.

Hidden Dangers

Risks or hazards that are not obvious or easily noticed but can cause harm or damage.