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Determine the types of Credit card sales
Bank Credit Card Sales - Most retail businesses accept bank credit cards. Treated as a CASH sale.
Recording Bank Credit Card Sales - recorded as a cash sale because receipts can be deposited in a bank immediately. Bank deducts a discount fee that ranges from 3% to 7%.
Cash
Credit Card Expense
Sales
Sales Tax Payable
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Q. Describe the Cost of sales? Cost of sales, cost of goods sold -- expense or cost of all items sold during an accountingperiod. Every unit sold has a cost of sales or cost of
identify the income statement account
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