All of the following are true regarding credit card expense except:
A)Credit card expense may be classified as a "discount" deducted from sales to get net sales.
B)Credit card expense may be classified as a selling expense.
C)Credit card expense may be classified as an administrative expense.
D)Credit card expense is not recorded by the seller.
E)Credit card expense is a fee the seller pays for services provided by the card company.

Question

Quizplus · Accepted Answer

This statement is false. Credit card expense is recorded by the seller as a fee paid for services provided by the card company.

All of the Following Are True Regarding Credit Card Expense