The total amount of credit card and debit card sales transactions are recorded as a debit to cash, since the business will receive cash for the entire amount.

Question

Quizplus · Accepted Answer

Credit card and debit card sales transactions are recorded as a debit to cash or a merchant account (depending on when the cash is received), but they also involve a credit to sales revenue for the total amount of the sales. Additionally, fees associated with these transactions may require adjustments to the recorded amounts.

The Total Amount of Credit Card and Debit Card Sales