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answer it all plz When a company accepts a credit card payment, which of the following is true? (1) The company records a receivable for
answer it all plz
When a company accepts a credit card payment, which of the following is true? (1) The company records a receivable for the sale less the credit card fee. (2) The only effect on the income statement is the revenue from the sale. (3) The company will record both revenue for the sale and expense for the credit card charge at the time of sale. (1) only (2) only (1) and (3) only (1) and (2) only Tommy's TV's purchased $25,000 of inventory on account on July 1st, with terms of 2/15, 1/45. By how much will the cash account increase or decrease at the time of purchase? $24,500 $25,000 $0 $500 As of the first of the year, Sam Co. had an accounts receivable balance of $10,000 and an allowance for uncollectible accounts balance of $2,500. In the middle of the month, the company wrote off a $1,000 uncollectible account. Assuming that no other transactions have occurred, what is the net realizable value immediately after the write-off? $8.500 $9,000 $7,500 $6,500 Brianna's Blouse's returned defective product on July 7th. The product was initially purchased, on account, with a list price of $2,000 and payment has not yet been made. How would you record the return using the horizontal model? Cash - $2,000, Inventory $12,000) Inventory - $2,000; Accounts Payable - $2,000 Accounts Payable - $(2000): Cost of Goods Sold - $(2.000) Accounts Payable = $12,000): Inventory - $12,000) Sammy's Subs sold product for $15,000 on account, on July 15, that had originally cost $10,000; terms 1/10,n/15. Which of the following lists all accounts that would change as a result of this transaction? Accounts Receivable. Cost of Goods Sold , Sales, & Inventory Cash & Sales only Cash, Cost of Goods Sold, Sales, & Inventory Accounts Receivable & Cash only Step by Step Solution
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