Part 1 (9 points): Answer the following questions: What is a cash receipt? How do businesses record the receipt of cash? Explain how a purchase made with a store credit card is different from a purchase made with a bank credit card. How are a bank credit card and a bank debit card similar? How are they different? Part 2 (6 points): A sales slip shows that $1,500 in merchandise has been sold and the sales tax rate is 4%. Generate the cash receipt's data. Part 3 (6 points): Your accounting supervisor has instructed you to verify the accuracy of the days bank credit card sales, and then deposit that amount into the business checking account. Summarize the steps that you need to perform. Part 4 (6 points): Evaluate the practice of using a contra account to record sales returns and allowances.