Gas stations do a large volume of business by customer credit cards and debit cards. Suppose an
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VISA credit card sales ............................................. $20,000
Non-bank credit card sales .................................... 5,000
Debit card sales ........................................................ 16,000
Suppose VISA charges merchants 3 percent, non-bank credit card companies charge 4 percent, and the bank charges 2 percent for debit card transactions. Record these sale transactions for the Esso station.
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Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
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