Which of the Following Statements Concerning the Accounting Treatment of Bank

question 14

Multiple Choice

Which of the following statements concerning the accounting treatment of bank issued credit card sales is correct?

• A) The business does not retain a copy of the transaction slip.
• B) The sale is recorded like a credit sale in the books of the seller.
• C) The treatment of bank issued credit card sales is the same as the treatment of non-bank issued credit card sales.
• D) A 'merchant fee' for the month's sales is debited to the firm's bank statement at month-end.

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