IdahoCom Accepts VISA for Payments of Purchases Made by Students

question 145

Multiple Choice

Idaho.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 on the accounting equation to record the sales and deposits will include

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

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Definitions:

Anal Intercourse

The insertion of the penis into a partner’s anus and rectum.

Legal Term

A phrase or word used within the law, often possessing a specific and unique meaning within legal contexts.

Sodomy

Sexual activity involving anal or oral intercourse.

Self-Stimulation

Acts individuals perform on themselves to provide pleasure or satisfaction.