If a Credit Card Sale Is Made, the Seller Can

question 117

True/False

If a credit card sale is made, the seller can either debit Cash or debit Accounts Receivable at the time of the sale, depending on the type of credit card.

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Definitions:

General Fund

A primary accounting fund used by a government to record its general operating revenues and expenses.

Fund Balance

The net assets of a governmental fund calculated as the difference between fund assets and liabilities, reflecting the financial position of the fund.