Kromer Company receives cash immediately from its credit card sales. The credit card company charges 3% of card sales as its fee. If credit card sales are $10,000, which of the following statements are true?
A) Kromer Company debits Accounts Receivable - Credit Card Co $9,700.
B) Kromer Company debits Cash $10,000.
C) Kromer Company debits Cash $9,700.
D) Kromer Company debits Accounts Receivable - Credit Card Co $10,000.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Kromer Company receives cash immediately from its credit card sales. The credit card company charges 3% of card sales as its fee. If credit ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Sunland Company uses the percentage-of-receivables basis to record bad debt expense. Accounts receivable (ending balance) $630,000 (debit) Allowance for doubtful accounts (unadjusted) 4,900 (debit) The company estimates that 2% of accounts
Answers (1)
A. calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 15-year annuity is $1.6 million and the annuity earns a guaranteed annual return of 10 percent.
Answers (1)
When computing the opportunity cost of attending a basketball game you should include a. neither the price of the ticket nor the value of your time?
Answers (1)
In business, it is customary to praise individualistic competition and denigrate collective bargaining in all forms.
Answers (1)
What does "Pay Yourself First" mean when it comes to saving? Pay all of your bills first and if you have extra money, then consider putting it in a savings account Each time you get paid, set aside money for savings before making any purchases Keep
Answers (1)
New Questions in Business
Loren and Kendra enter into a contract for the distribution of Loren's produce to local restaurants for which he agrees to pay Kendra. Kendra transfers her right to payment under the contract to County Bank. This transfer is a. an alienation b.
Answers (1)
Identify four reasons that nations trade with one
Answers (1)
A warranty of title does not arise automatically under a contract for a sale of goods.
Answers (1)
Which type of degree requires 120 hours of coursework, some of which is general and some of which is based on your major?
Answers (1)
The advantage of being self-employed (rather than being an employee) is: A. The overall limitation (50%) on meals does not apply. B. Job-related expenses are deductions for AGI. C. The self-employment tax is lower than the Social Security tax. D.
Answers (1)