How accounting for sales to customers using bank credit card

Reference no: EM13899582

1. Name at least three accounts that would normally appear in the financial statements of a merchandising business, but would not appear in the chart of accounts of a service business.

2. How does the accounting for sales to customers using bank credit cards, such as MasterCard and VISA, differ from accounting for sales to customers using nonbank credit cards, such as American Express? Explain.

3. Sometimes a retailer will not accept American Express, but will accept MasterCard or VISA. Why would a re- tailer accept one and not the other?

Reference no: EM13899582

Questions Cloud

What caused the first world war for germany in 1914 : What caused the first world war for Germany in 1914

Solution to the problem of suffering : The Buddha's religion was his solution to the problem of suffering. Restate the Four Noble Truths in one sentence each, then comment on each of them.

Prepare the cash flows from operating activities : Salt Lake Company's 2013 income statement and selected balance sheet data at December 31, 2012 and 2013 follow.

Latin american revolutions and economic : Discuss the early 19th century Latin American revolutions and economic, social and political development of Latin American countries during the 19th and early 20th century.

How accounting for sales to customers using bank credit card : How does the accounting for sales to customers using bank credit cards, such as MasterCard and VISA, differ from accounting for sales to customers using nonbank credit cards, such as American Express? Explain.

Can a business earn a gross profit but incur a net loss : Can a business earn a gross profit but incur a net loss? Explain. What is the difference between the cost of merchandise purchased and the cost of merchandise available for sale?

What is polaris comprehensive income : Refer to Polaris financial statements in Appendix A to answer the following.

Key figures for polaris and arctic cat follow : Key figures for Polaris and Arctic Cat follow.

Discuss the early 19th century latin american revolutions : Discuss the early 19th century Latin American revolutions and economic, social and political development of Latin American countries during the 19th and early 20th century.

User Account

All Pages