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12 A retailer made a $300 sale to a customer. The customer used a VISA credit card. The net cash receipts are deposited immediately into
12 A retailer made a $300 sale to a customer. The customer used a VISA credit card. The net cash receipts are deposited immediately into the seller's bank account. VISA charges a 3% handling fee. The journal entry by the retailer to record this sale would include which of the following? A) A credit to Accounts Receivable-Credit Card Company for $300 B) A credit-to-Credit Card Expense for $9 C) A debit to Cash for $291 D) A debit to cash for $300 E) A, B and C 13 What is the effect on the elements of the accounting equation when a company receives payment from a customer for an account receivable? A) Assets are increased and liabilities are increased. B) Assets are both increased and decreased and total assets remains the same overall C) Assets are decreased and equity is decreased D) Assets are increase and equity is increased E) Liabilities are increased and equity is decreased
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